(According to sources familiar with the transaction, the property was purchased for $75 million.)
LOS ANGELES – May 18, 2021 – Stockdale Capital Partners (“Stockdale”), a Los Angeles based, vertically-integrated real estate investment firm, announced that it acquired the JW Marriott Santa Monica Le Merigot in a deal that closed on May 11, 2021.
“Le Merigot offers unparalleled access to the California coastline, top-tier facilities, and many great amenities to serve business travelers and tourists alike,” said Bill Doak, Managing Director, Hospitality for Stockdale Capital Partners. “Stockdale Capital Partners will continue to enthusiastically seek out acquisition opportunities in markets with historically strong fundamentals where our vertically integrated team can add value in leading assets to peak performance.”
One of four beachfront hotels in Santa Monica, the 175-room Le Merigot has a highprofile location at 1740 Ocean Avenue. Le Merigot is within walking distance to Santa Monica’s global tourism destinations, including the Santa Monica Pier, 3rd Street Promenade, and Main Street.
Le Merigot is located in the heart of Silicon Beach, the hub of technology and media companies in Los Angeles County’s coastal cities serving the entertainment capital of the world. The greater Los Angeles area, including Santa Monica, will continue to be a leading destination for high-end business and leisure travelers.
The well-maintained, six-story property features eleven indoor and outdoor event spaces, a full-service restaurant, a patio lounge, 24 hour in-room dining, an outdoor pool with a spa terrace, the Spa Le Merigot, a fitness center, and a business center.
“The strong appeal of Santa Monica presents us with a great opportunity to leverage the strong operating legacy of Le Merigot with an updated image and product enhancement to elevate performance coming out of this challenging period” said Doak.