Bobby Saadian Of Wilshire Law Firm Acquires Figueroa Tower Hotel For $83.5M From Jade Enterprises

The property asset involved in the transaction is a hotel located at 660 South Figueroa Street in Los Angeles. The asset has a sale price of $83,500,000 and encompasses 272,781 square feet. The property is a part of the hotel market, featuring a total of 144 keys, with a per key price of $579,861 and a price per square foot of $306.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $83,500,000
• Buyer: Bobby Saadian - Wilshire Law Firm
• Seller: Eric James Hermosillo - Jade Enterprises
• Lender: Argentic Real Estate Finance
• Occupancy Rate: 86.8%
• Net Operating Income (NOI): $3.6 million
• Leased Percentage: 78.6%

Bobby Saadian acquired Figueroa Tower and the Residence Inn Costa Mesa, with Argentic Real Estate Finance providing a loan amount of $53.6 million for this deal. Jade Enterprises was the selling entity in this transaction.