Canada-based hotelier Westmont Hospitality Group and New York-based real estate investment firm Square Mile Capital Management have purchased the eight-story, 253-room, 206,000-square-foot DoubleTree Suites by Hilton Hotel Santa Monica at 1707 4th St. for $154 million, or nearly $608,700 per room.
Real estate investment and management firm Merion Realty Partners of Wynnewood, Pa., and Cranston, R.I.-based real estate firm Procaccianti Cos. were the sellers, according to CoStar Group Inc.
Jones Lang LaSalle Inc. was the brokerage who had the listing. The sale closed on Sept. 28, CoStar said.
About 32,000 square feet of office space and fewer than 10 apartments were also included in the sale, according to a Square Mile representative.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.
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