Land and Houses USA Inc. Acquires Manhattan Beach Hotel From Washington Holdings For $68M | 1700 North Sepulveda Boulevard - The Residence Inn | Hotel | Sale

Summary

Sale

CALIFORNIA

Hotel

Located at 1700 North Sepulveda Boulevard, The Residence Inn in Manhattan Beach has been sold for $68,000,000. The property consists of 176 keys and was acquired by Land and Houses USA Inc. from Washington Holdings. JLL facilitated the transaction, representing the seller in this hotel sale.

Summary of transaction details:

Property Type: Hotel
Transaction Amount: $68,000,000
Buyer: Sith Chaisurote - Land and Houses USA Inc.
Seller: Craig Wrench - Washington Holdings
Broker: JLL
Address: 1700 North Sepulveda Boulevard
Market: Manhattan Beach
Keys: 176
PPK: $386,364

The acquisition of The Residence Inn in Manhattan Beach marks a significant deal in the challenging hotel sales market in California. Land and Houses USA Inc. has enlisted Twenty Four Seven Hotels to manage the property, positioning the buyer strategically in the state's evolving hospitality landscape, according to data from Atlas Hospitality Group.

Details

Deal Summary

SOLD

IMAGE: Craig Wrench DATE: 03/22/2024 ADDRESS: 1700 North Sepulveda Boulevard - The Residence Inn MARKET: Manhattan Beach ASSET TYPE: Hotel BUYER: Sith Chaisurote - Land and Houses USA Inc. SELLER: Craig Wrench - Washington Holdings BROKER: JLL (@JLL) SALE PRICE: $68,000,000 KEYS: 176 ~ PPK: $386,364 NOTE: Manhattan Beach's Residence Inn sold for $68 million, with Jones Lang LaSalle Inc. representing the seller, Washington Holdings, and Land and Houses USA Inc. as the buyer. Twenty Four Seven Hotels will manage the property, amidst a challenging period for hotel sales in California, where sales volume dropped by over 56% year over year, according to Atlas Hospitality Group data.

View on map

Address1700 North Sepulveda Boulevard - The Residence Inn

Comparables

This user does not have deals with the selected filters yet.
Reset filters to show results.