After it last traded in 2017, a hotel in San Pedro is back on the market. Cushman & Wakefield is marketing the 244-room Crowne Plaza Los Angeles Harbor. While the brokerage firm did not disclose guidance pricing, property records show that it was last sold to SPF Capital Real Estate LLC for $26.89 million, or about $110,204 per room.
Located at 601 S Palos Verdes St., Crowne Plaza offers 244 guest rooms and 17,000 square feet of flexible meeting space. The hotel also features a full-service restaurant and a host of other amenities, including a state-of-the-art 24-hour fitness center, a fully-equipped business center, an outdoor pool and spa and three ground-floor retail spaces with prime frontage along 6th Street.
The hotel is under a long-term franchise agreement with Crowne Plaza, which is part of the IHG brand family – the world’s third-largest luxury hotel company.
Located just two miles west of the Port of Los Angeles, seven miles west of Long Beach, and just twenty miles south of Los Angeles International Airport, the Hotel offers direct access via the I-110 and I-405 Freeways. The property holds a unique competitive advantage as the closest property to the Port of Los Angeles, according to Cushman & Wakefield.
Because of this, some of the hotel’s top sales accounts are companies operating from the port. This includes GAC Shipping, Norton Lily International, Crowley Marine Services, ACGI Shipping, APM Terminals, General Steamship and Inchcape Shipping.
As one of the nation’s top corporate and leisure destinations, Los Angeles boasts a robust lodging market that has experienced average annual revenue per available room growth of 6.3 percent from 2011 to 2019. The demand for accommodations has consistently outpaced supply in seven of the past nine years, leading to occupancy rates of approximately 80 percent and record average daily rates of around $180 in 2019, according to the marketing brochure.
