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LOS ANGELES-Locally based L.A. Properties Investments has acquired the MayfairHotel in Downtown L.A. for nearly $15.5 million, and Innkeepers USA Trust of PalmBeach, FL has purchased a $3.7 million site in Valencia that will be a 157-roomEmbassy Suites. Gregory Harris and Andrew Hodac of the Los Angeles office ofMarcus & Millichap represented the seller of the Mayfair, which is at 1256 W. SeventhSt., near the Harbor Freeway (110). The property was built in 1926 and is operated asa full-service Best Western. The buyer was represented by Richard Ehmer of Marcus &Millichap’s San Francisco office, who comments that the property represents anexceptional investment opportunity with several development possibilities, includingthe prospect of converting the hotel into condominiums.

In the Valencia transaction,Innkeepers USA Trust, a REIT, plans its new property at the Valencia Gateway, amaster-planned business center that is adjacent to the Golden State (I-5) Freeway andHighway 126. The acquisition is part of a strategic relationship the company hasformed with Dimension Development to acquire and develop hotels throughout theUnited States.

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