When JLL drew the assignment to market the property for sale,Lallani described it as located in a market with high barriers toentry and offered at a significant discount to replacement cost,especially given the lack of land available for development andtoday's high construction costs. Jeremie Babinet, vice presidentfor Jones Lang LaSalle Hotels, cites the property's consistentlystrong operating history.

Terms of the deal were not disclosed. Prices overall for hotelsin Los Angeles County average about $80,000 per room, according torecent market surveys, but prices for full-service properties inthe county have reached up to $150,000 per room in recent years,depending on the specific hotel and the individual submarket.

In another LAX submarket sale of a full-service property thatclosed earlier this year, Sunstone Hotel Investors Inc. of SanClemente spent about $130,000 per room to acquire the 499-room LAXRenaissance hotel, a newly renovated property close to the LosAngeles International Airport. The San Clemente-based REIT acquiredthe hotel from Chicago-based Walton Street Capital at one of thehighest prices ever paid per room in the Los Angeles InternationalAirport submarket. Nonetheless, that price was still well belowreplacement cost, according to market sources.