The Sky Hotel, a 28-key boutique hotel in Silicon Beach, is on the market, offering potential investors the chance to own a luxury hospitality asset in one of Los Angeles’ prime submarkets. According to a property listing from Long Financial Services, the property is for sale with an asking price of $10.95 million, or approximately $391,071 per room.
The 8,541 square-foot hotel is located at 2352 Westwood Boulevard in Los Angeles and contains rooms ranging in size from 250 to 375 square feet. In addition, the hotel contains one executive suite totaling 625 square feet, 16 parking spaces, a bar and business center lobby.
The property was built in 1953 and was last renovated by its current owner in 2009 to include $1 million worth of luxury upgrades. Its current owner is an entity associated with Al & Al Holdings Inc., which acquired it for $4.175 million in 2007.
In addition, pre-covid gross income at the property averaged $1.5 million annually, and occupancy averages approximately 70 percent per year.
According to Long Financial Services, the property also benefits from its location within West Los Angeles, which is home to many popular attractions. These include the Santa Monica Beach and Pier, Venice Beach, the Getty Center, Santa Monica College and University of California Los Angeles. The property is also one block from Google’s new 584,000 square-foot office complex, One Westwood, and near other companies like Sony, Fox and Paramount Entertainment.
“In the past 80 years, Los Angeles County has evolved into a large commercial/industrial urban community and become the business and financial center of California and the Western United States. The regional economy has become more diversified with a large number of people employed in services, home-based business, motion picture production, computer software development (Silicon Beach), and other professional services,” the offering memorandum states.
