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Monday, May 29, 2023

Hotel MdR in Marina del Rey Sells for $127 Million

London & Regional Properties, a United Kingdom-based real estate developer, has purchased its first U.S. hotel, the 283-room Hotel MdR – a DoubleTree by Hilton Hotel at 13480 Maxella Ave. in Marina del Rey, according to HFF Inc., a Dallas-based capital markets and commercial real estate brokerage firm.

Lubert-Adler, Channel West Group and Arris Investments were the sellers, for whom HFF arranged the sale. The hotel sold for $127 million, according to CoStar Group Inc.

HFF said it also arranged a five-year, floating-rate loan with a Germany-based lender on behalf of L&R toward the acquisition.

Hotel MdR is close to Playa Vista, which has become a significant player in the growing Silicon Beach technology hub. In 2014, it was renovated and rebranded as a DoubleTree hotel from a Courtyard by Marriott hotel. In addition to a business center, pool, patio and fitness facilities, the hotel also offers more than 5,400 square feet of indoor/outdoor event space.

HFF Managing Directors Tony Malk and Scott Hall and Real Estate Analyst Aaron Lapping arranged the transaction. Director Brad Greenway in HFF’s London office along with Executive Managing Director Kevin MacKenzie and Director Matthew Stewart in HFF’s Century City office were the debt placement team that represented the borrower.

“Hotel MdR is a uniquely located asset that derives significant demand from its surrounding technology hub,” Hall said in a statement. “It will continue to benefit from continued demand growth and very little new competitive supply.”

Real estate reporter Ciaran McEvoy can be reached at cmcevoy@labusinessjournal.com or 323-556-8337.

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