Venice-based Kor Group has acquired the 12-story boutique Custom Hotel in Westchester for $33 million, according to CoStar data.
The deal, valued at about $132,000 per room, was a joint venture between Kor Group and the Merchant Banking Division of Goldman Sachs & Co., Kor officials said Wednesday.
The 250-room Custom Hotel at 8639 Lincoln Blvd. features minimalist design, city and ocean views, 7,000 square feet of indoor and outdoor meeting space, and a two-level pool deck, restaurant and bar.
Kor Group, which specializes in investing in and transforming boutique hotels throughout Southern California, said it plans to enhance hotel operations with upgraded service and guest experiences while finalizing long-term plans for the property.
“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,” Brian De Lowe, president and partner at Kor Group and president and co-founder of Proper Hospitality, said in a statement.
Real estate reporter Neil Nisperos can be reached at email@example.com. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.