Vital Statistics (SALE)
Property Address: 1415 Ocean Avenue, Santa Monica
Square Footage: 84 Hotel Rooms
Deal Value: $62,500,000
The Georgian is a historic and iconic hotel that is one of the defining features of the Santa Monica skyline. Prior to this deal, the hotel had not sold for nearly 30 years. Led by Tony Malk of Hodges Ward Elliott, the transaction was one of the largest hotel acquisitions in LA County in 2020. The deal was done in the early days of the pandemic when hotel debt and equity for this type of transaction were relatively scarce. The new venture will be led by BLVD Hospitality. The acquisition comes with significant value-add opportunities for the hotel, including the ability to revitalize the lobby and food & beverage spaces and upgrade the guest rooms. The basement speakeasy, The Red Griffin, was one of the preeminent nightlife destinations in the 30s through 50s and BLVD intends to restore it to its former glory.
