Ravi Khanna Of Khanna Enterprises Acquires Hotel From Mahmood Khimji, Mehdi Khimji And Tom Gilbane For $42M

The asset involved in the transaction is a hotel located at 333 East Ocean Boulevard in Long Beach. The property consists of 469 rooms and was sold for $42,000,000, resulting in a price per key of $89,552. This sale took place amidst a market trend of softening hotel values in Los Angeles and included a significant property improvement plan estimated at $25,000,000, in addition to a prior renovation that had already cost $23,000,000.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $42,000,000
• Buyer: Ravi Khanna - Khanna Enterprises
• Seller: Mahmood Khimji & Mehdi Khimji - Highgate; Tom Gilbane - Rockpoint
• Keys: 469
• PPK: $89,552

In this transaction, Ravi Khanna represented Khanna Enterprises as the buyer, while Mahmood Khimji and Mehdi Khimji represented Highgate, and Tom Gilbane represented Rockpoint as the sellers. The deal reflects a notable reduction from the previous sale price of $85,000,000 in 2017, indicating changing dynamics within the hotel market.