Kor Group, Goldman Sachs Team Up for LA Hotel Buy
- Sep 05, 2017
The Kor Group, in partnership with the Merchant Banking Division of Goldman Sachs & Co., acquired Custom Hotel in Los Angeles. The hotel will be managed by Proper Hospitality.
Located at 8639 Lincoln Blvd., the 250-key property is the only lifestyle boutique near Playa Vista and Los Angeles International Airport. Designed in 1968 by Welton Beckett, the 12-story building features large guestrooms with panoramic views, a two-level pool deck with cabanas and fire pit, a fully equipped fitness center with yoga studio and stretching room, a 24-hour business center, bar, 7,000 square feet of indoor and outdoor meeting space and Deck 33 restaurant. The Kor Group will be upgrading service and guest experiences while finalizing long-term plans for the property.
The hotel is located minutes from LAX and Playa Vista, the center of “Silicon Beach,” which is the third-largest tech hub in the world. The area has become a magnet for leading corporations and entrepreneurial tech startups such as Microsoft, Google, Facebook, Yahoo!, IMAX, Apple and Sony. In addition to Custom Hotel, Goldman, Sachs & Co. also partnered with The Kor Group on Austin Proper Hotel & Residences and Santa Monica Proper Hotel, both of which are under construction and slated to open in early 2019.
“There’s a huge need for design-driven, budget-conscious hotel options on the Westside of LA, where business travelers are looking for easy access to Playa Vista and Silicon Beach, and leisure travelers want boutique options that serve as a gateway to LA’s beach communities,” said Brian De Lowe, president & partner at The Kor Group and president & co-founder of Proper Hospitality, in prepared remarks.
The LAX area is booming with activity, as the Umbrella Hotel Group recently purchased DoubleTree by Hilton Hotel LAX – El Segundo, a 216-key hotel three miles from the Los Angeles International Airport.