Despite a trend in decreased sales volume, a hotel in the Greater Los Angeles area recently traded hands. According to a report from the Los Angeles Business Journal, The Residence Inn in Manhattan Beach traded for $68 million, or about $386,363 per room. The property was acquired by Land and Houses USA Inc. and the seller in the transaction was Washington Holdings.
The 176-room property is located at 1700 N Sepulveda Blvd. and features extended stay/condo-style rooms, according to its website. There are also a number of amenities, including an outdoor pool, fitness room, kitchen, laundry services and more.
The property is located within four miles of the Los Angeles International Airport and less than two miles from the Manhattan Beach Pier. It is also a quick commute to both Interstates 405 and 105.
Headquartered in Seattle, Wash., Washington Holdings acquires, develops and manages real estate properties throughout the Western United States. The firm targets hospitality, multifamily and R&D/Industrial assets throughout these markets, its website shows.
Founded in 2012, Land and Houses USA Inc. is a wholly owned subsidiary of Thailand-based Land and Houses Public Company. The firm has invested more than $700 million in commercial properties, with a focus on multifamily and limited-service hotels throughout the Western United States.
Twenty Four Seven Hotels has also been selected to manage the property, according to a post from the firm on its LinkedIn page.
“Today, we welcome Residence Inn Manhattan Beach to our best in the west portfolio of hotels—exciting news for both us and owners as we continue to grow together in one of Southern California’s top markets,” the post states.
