The Hyatt Place El Segundo, a 143-key hotel in El Segundo, has sold for $49 million.
Jones Lang LaSalle Inc. represented the seller, Washington Holdings, and procured the buyer, El Segundo-based Welcome Group Inc.
The property, at 750 N. Nash St., is located in an area that is home to prominent defense and aerospace firms and the Los Angeles Chargers. The Chargers are in the process of building a new practice facility that will further bolster demand in the area. In addition, the Hyatt Place El Segundo is close to Los Angeles International Airport and accessible via the 405 and 105 freeways.
The Hyatt Place El Segundo, which was renovated in 2020, offers traditional guest rooms and king suites that average 369 square feet each. Guests have access to on-site amenities, including the Placery bar and restaurant, a fitness center, outdoor pool and a vehicle charging station. In addition, the pet-friendly hotel features a business center and 1,054 square feet of meeting or event space.
The JLL Hotels & Hospitality team representing the seller was led by John Strauss, James Stockdale and Melvin Chu.
“The Los Angeles area benefits from strong corporate and leisure demand that continues to grow as the city diversifies from an entertainment mecca to an international hub for technology, media, finance, trade, manufacturing and more,” Strauss said in a statement.
“El Segundo in particular has experienced substantial growth with major firms located near the hotel including AT&T, Mattel, Boeing, Raytheon, and Spectrum.”
“The Hyatt Place El Segundo is well positioned for continued growth in a dynamic market,” Chu said in a statement. “We’re grateful and honored for the opportunity to represent the seller on this important assignment, and excited for the buyer and the future of this hotel.”
The most expensive hotel sale in L.A. this year was the $114 million, 200-room Godfrey Hotel in Hollywood.
