Vital Statistics
Property Address: Luxe Rodeo Drive Hotel, 360 N. Rodeo Drive, Beverly Hills
Square Footage: 42,560
Deal Value: $200 million
Not only is doing a transaction on Rodeo Drive unique, but there are only so many buyers who can make a hotel site work. It was a complicated sale to a very qualified buyer that required a needle in the haystack purchaser. LVMH, the top luxury brand in the world, purchased the property and Jay Luchs and team look forward to seeing what they do with it. Anytime something sells for $200 million it gets attention and Rodeo Drive gets even more attention and price per foot.
Because Rodeo is a rare gem of a street only three blocks long while housing the top luxury names in the world, the street is incredibly sought after and popular both to local residents and international tourists alike.
When the top luxury brand in the world buys a property, it can only be positive for the rest of the street. The hotel has been vacant during COVID and it probably would have been vacant for years to follow and now an owner/user has purchased it. Luchs and team are confident the future will be bright.
Vital Statistics
Property Address: The Surfrider Hotel Malibu, 23033 Pacific Coast Hwy, Malibu
Square Footage: 7,400
Deal Value: $30 million
The Surfrider Hotel is a 20-key upscale property located in sought-after Malibu. The sale, facilitated by Tony Malk and Tom McHugh of Hodges Ward Elliott, represented a truly generational opportunity for a new investor to acquire a fully unencumbered, fee-simple asset on A+ oceanfront real estate along the Pacific Coast Highway (PCH) in prime Malibu. With significant outperformance during the pandemic, the sale was the highest per key hotel transaction in Los Angeles this year at $1.5 million per key and the fourth highest per key trade in Los Angeles history behind the Montage Beverly Hills and the two sales of the Malibu Beach Inn.
