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Greens, Inc Acquires Wingate By Wyndham Hotel In Inglewood For $23.67M

Property Image
SOLD
$23,670,000
Matthew (Matt) Orville
Marshal Vogt
+ 1

California

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Hotel
Sold 08/28/2023
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Property Image
SOLD

Greens, Inc Acquires Wingate By Wyndham Hotel In Inglewood For $23.67M

10300 La Cienega Blvd, Inglewood, CA 90304, United States

See Similar Deals
Hotel
Sold 08/28/2023
Matthew (Matt) Orville
Marshal Vogt
+ 1
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Summary

CALIFORNIA
Asset Type:Hotel
Transaction Type:Sale

The Wingate by Wyndham Hotel located at 10300 La Cienega Boulevard in Inglewood has been sold for $23,670,000. The property consists of 148 keys and was purchased by Greens, Inc from an Irvine-based company. The transaction was facilitated by brokers Vanessa Herzog, Matt Orville, Marshal Vogt, and Jaimeson Hearne of Lee & Associates. Despite challenges such as a bank failure announcement and historic easement issues, the sale showcased expertise and cooperation.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $23,670,000
  • Address: 10300 La Cienega Boulevard
  • Market: Inglewood
  • Buyer: Greens, Inc
  • Brokers: Vanessa Herzog, Matt Orville, Marshal Vogt, Jaimeson Hearne - Lee & Associates
  • Keys: 148
  • Price Per Key: $159,932

Lee & Associates successfully managed the sale of the Wingate by Wyndham Hotel, demonstrating their expertise and ability to navigate challenges in the transaction. The involvement of brokers Vanessa Herzog, Matt Orville, Marshal Vogt, and Jaimeson Hearne from Lee & Associates ensured a smooth and cooperative process.

Players

Vanessa Herzog
1 deal$23.7M volume(253) 444-3020
BROKER

Matthew (Matt) Orville
Lee & Associates
1 deal$23.7M volume(714) 564-7145
BROKER

Marshal Vogt
Lee & Associates
3 deals$33.3M volume(714) 564-7117
BROKER

Jaimeson Hearne
Lee & Associates
1 deal$23.7M volume(714) 564-7146
BROKER

Details

SOLD
IMAGE: Marshal Vogt, Matt Orville, Vanessa Herzog & Jaimeson Hearne DATE: 08/28/2023 ADDRESS: 10300 La Cienega Boulevard - Wingate by Wyndham Hotel MARKET: Inglewood ASSET TYPE: Hotel BUYER: Greens, Inc BROKERS: Vanessa Herzog, Matt Orville, Marshal Vogt & Jaimeson Hearne - Lee & Associates (@LeeWestLA) SALE PRICE: $23,670,000 KEYS: 148 ~ PPK: $159,932 NOTE: Lee & Associates managed the $23.67 million sale of a Wingate by Wyndham Hotel near Los Angeles Airport to Irvine's Greens, Inc. Despite challenges like a bank failure announcement and historic easement issues, the transaction showcased expertise and cooperation.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,262,400.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$84,094.51
Cash-on-Cash Return-1.27%
Monthly Debt Service$112,207.88
Annual Debt Service$1,346,494.51