The downtown Los Angeles Marriott Hotel has been sold in yet another sign of robust investor demand for hotel properties and the growing strength of the downtown hospitality market, the Los Angeles Times reports.
Los Angeles investment company Namco Capital Group bought the 469-room hotel at Figueroa and Third streets from Blackstone Real Estate Acquisitions, Namco founder Ezri Namvar said Monday.
The property, which includes a four-story office building and four-screen theater, soon will undergo extensive renovation valued at as much as $30 million, Namvar said. It will continue to be operated as a Marriott.
He declined to say what his company paid for the hotel. But a real estate expert, who asked not to be identified because details of the transaction are confidential, valued the sale at as much as $115 million.
