HFF Closes Recap, Arranges Acquisition of 215-Key Hotel in El Segundo, Calif.
- Feb 25, 2014
The DoubleTree LAX, a 215-room, full-service hotel in El Segundo, Calif., has closed on a new-equity recapitalization that has brought in two new owners, it was announced Monday by HFF, which represented the buyer in the recapitalization and also arranged acquisition financing.
A joint venture between Argosy Real Estate, Wayne, Pa.; Evolution Hospitality L.L.C., Newport Beach, Calif.; and Stonecreek Properties purchased the property for an undisclosed amount. A 10-year, fixed-rate acquisition loan was made by The Bancorp Bank.
The seller was S.C. Harp El Segundo L.L.C., among whose participants was Stonecreek Properties, which thus retained a carried interest in the property, HFF managing director John Bourret told Commercial Property Executive.
The DoubleTree LAX is at 1985 E. Grand Ave., just off the Pacific Coast Highway, two miles from Los Angeles International Airport in El Segundo’s central business district. The hotel features 4,500 square feet of meeting space, a 24-hour business center, junior Olympic-sized heated outdoor pool, hot tub, fitness center and gift shop.
The HFF team that handled the recapitalization was led by senior managing director Bill Stadler and by Bourret. The HFF debt placement team representing the borrower was led by managing director James Fowler and by Bourret.