The asset involved in this transaction is a hotel located at 124 East Olympic Boulevard in Los Angeles's Fashion District. This property includes 149 keys and was financed with a construction loan amounting to $27,000,000 for an office-to-hotel conversion. The property is adjacent to the California Market Center and will operate under Accor’s Mama Shelter brand, complemented by food and beverage concepts managed by SBE.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $27,000,000
• Market: Los Angeles
• Lender: Colliers
• Landlord: Kevin Wadwhani
• Broker: Jason Roth - Colliers

The deal was facilitated by Colliers, with Jason Roth acting as the broker representing the parties involved. The financing utilized a $27 million C-PACE loan to support the conversion project, marking a significant development in the local hospitality sector.