The 434-room DoubleTree by Hilton hotel in downtown’s Little Tokyo has been sold for $115 million, or $264,562 a room, according to industry tracker CoStar Group Inc.
Han’s Group USA bought the property in a deal that closed on Friday, according to Jones Lang LaSalle, which brokered the sale. The buyer appears connected to Chinese company Han’s Laser Technology Industry Group Co. Ltd.
The seller was UBS Realty Investors of San Francisco, which partnered with Newport Beach’s Rim Hospitality to manage the property. The price tag is more than twice the value of the hotel’s prior sale in 2011, when it fetched $45 million, or $103,687 a room, as the hotel was going through bankruptcy proceedings. 3D Investment of Century City had purchased the property in 2007, but defaulted on the mortgage during the recession.
The 21-story hotel is home to the Japanese-styled Kyoto Gardens on a half-acre rooftop patio as well as three eateries and 18,000 square feet of event space. It opened in 1977 as the New Otani Hotel & Garden.
For reprint and licensing requests for this article, CLICK HERE.