Jagubhai V. Patel & Nilaben R. Patel Trustees Sell Metric Hotel For $9.25M In Downtown Los Angeles

The Metric Hotel, located at 285 Lucas Avenue in Los Angeles, is a newly redesigned hotel consisting of 28 keys. This property sold for $9,250,000, achieving a price per key of $330,357. The total square footage is 14,433, which calculates to a price per square foot of $640. The hotel was completely redeveloped during COVID and opened as a boutique hotel in 2021.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $9,250,000
• Address: 285 Lucas Avenue
• Market: Los Angeles
• Seller: Jagubhai V. Patel & Nilaben R. Patel, Trustees under the Jagubhai V. Patel & Nilaben R. Patel Revocable Trust
• Broker: Eddy Nevarez - The Nevarez Group - Marcus & Millichap
• Keys: 28
• PPK: $330,357
• SF: 14,433
• PPSF: $640

Eddy Nevarez of The Nevarez Group at Marcus & Millichap represented both the Seller and Buyer in this landmark transaction. This sale marked the highest price per key for a hotel under 70 keys in Downtown Los Angeles in the past 5 years. The Nevarez Group specializes in luxury and boutique hospitality investments with a focus on complex, high-profile, value-add opportunities.