The sale closed on May 11.
Located at 1740 Ocean Ave., the 175-room hotel is one of only four beachfront hotels in Santa Monica, according to Stockdale Capital.
It is walking distance to the Santa Monica Pier and Third Street Promenade.
“Le Merigot offers unparalleled access to the California coastline, top-tier facilities, and many great amenities to serve business travelers and tourists alike,” Bill Doak, managing director of hospitality for Stockdale Capital Partners, said in a statement. “Stockdale Capital Partners will continue to enthusiastically seek out acquisition opportunities in markets with historically strong fundamentals where our vertically integrated team can add value in leading assets to peak performance.”
The six-story hotel’s amenities include 11 indoor and outdoor event spaces, a full-service restaurant, a patio lounge, 24-hour in-room dining, an outdoor pool with a spa terrace, the Spa Le Merigot, a fitness center and a business center.
“The strong appeal of Santa Monica presents us with a great opportunity to leverage the strong operating legacy of Le Merigot with an updated image and product enhancement to elevate performance coming out of this challenging period,” Doak said in a statement.
The Covid-19 pandemic challenged hotels and the hospitality industry. Sales were down nationwide in 2020, but California actually saw an increase in the number of hotels sold, according to a report from Atlas Hospitality Group.Sales were down 52% nationally but rose 0.3% in California. The Golden State accounted for 28% of all U.S. hotel sales in 2020.
Despite the uptick in number of hotels sold, dollar volume decreased 46%, the largest decline since 2009, according to Atlas Hospitality.
One of the largest hotel sales in L.A. last year wasn’t far from the JW Marriott Santa Monica Le Merigot. Downtown-based BLVD Hospitality, Global Mutual and ESI Ventures purchased the iconic Georgian Hotel at 1415 Ocean Ave. in Santa Monica for $62 million.
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