Daniel Negari Acquires Hotel Per La In Downtown Los Angeles From Tom Capasse For $34M

The asset involved in the transaction is a hotel located at 649 South Olive Street in downtown Los Angeles, CA. This hotel, known as Hotel Per La, features 241 keys and was acquired for a total price of $34,000,000, equating to a price per key of $141,079.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $34,000,000
• Buyer: Daniel Negari
• Seller: Tom Capasse - Waterfall Asset Management
• Financing: $25 million from Bank of America
• Agreement: 20-year agreement with Marriott

Key individuals in this transaction include Daniel Negari, a tech founder and real estate investor, who has expanded his portfolio with this purchase. Tom Capasse represents Waterfall Asset Management, which controlled the property after the previous owner's debt default exceeding $100 million.