Cobby Pourtavosi Of Capital Insight Holdings Acquires Hotel From Stephen A. Schwarzman For $54M

The 248-key Residence Inn, located at 3701 Torrance Boulevard in Torrance, was sold for $54 million. The hotel is part of the Marriott brand and offers extended-stay accommodations, situated near Redondo Beach in the LA area. The sale price translates to approximately $218,000 per room.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $54,000,000
• Buyer: Cobby Pourtavosi - Capital Insight Holdings
• Seller: Stephen A. Schwarzman - Blackstone
• Keys: 248
• Price per Key: $217,742
• Market: Torrance

Cobby Pourtavosi represented Capital Insight Holdings in the transaction, while Stephen A. Schwarzman represented Blackstone in the sale. The hotel exchanged hands amid a challenging hospitality market in Los Angeles, with the transaction occurring in late December.