L+R Enters U.S. Hotel Market
- May 07, 2018
London & Regional Properties has acquired Hotel MdR—a DoubleTree by Hilton Hotel, located within the Marina del Rey submarket of West Los Angeles. The transaction marks L+R’s first purchase in the U.S. HFF facilitated the deal on behalf of the sellers, Lubert-Adler, Channel West Group and Arris Investments. The firm also arranged a five-year, floating rate acquisition loan on behalf of L+R.
Located at 13480 Maxella Ave., the 283-key full-service hotel underwent extensive renovations and a repositioning as a soft-branded DoubleTree Hotel in 2014. Guests have access to amenities including an outdoor heated pool and patio, a 24-hour business center, an energy room with ping-pong table, a Barbianca Local Kitchen restaurant, a state-of-the-art fitness facility, a market and 5,429 square feet of indoor/outdoor event space. The hotel offers convenient access to other Los Angeles submarkets such as Playa Vista, Venice and Santa Monica, as well as the Los Angeles International Airport.
Managing Directors Tony Malk and Scott Hall, along with Real Estate Analyst Aaron Lapping of HFF’s investment advisory team arranged the transaction. Directors Brad Greenway and Matthew Stewart, as well as Managing Director Kevin MacKenzie of HFF’s debt placement team represented the borrower in the deal.
“Hotel MdR is a uniquely located asset that derives significant demand from its surrounding technology hub,” said Hall, in a prepared statement. “It will continue to benefit from continued demand growth and very little new competitive supply.”
Image courtesy of HFF