Hotel Solaire In Los Angeles Sold For $18M, To Be Converted Into Permanent Housing

Hotel Solaire, a 3-story hotel located in the Westlake area of Los Angeles, has been sold in a closed transaction for $18,000,000. The property, situated at 1710 W. 7th St., offers 91 individual rooms across approximately 37,008 square feet. The sale price equates to a per unit price of $197,802 and a price per square foot of $486.38.

Summary of Transaction Details:

• Property Type: Multifamily
• Transaction Amount: $18,000,000
• Address: 1710 W. 7th St., Los Angeles
• Number of Units: 91
• Price per Unit: $197,802
• Square Footage: 37,008
• Price per Square Foot: $486.38

Sam Liberow of the Liberow Group served as the seller's representative in this off-market deal. Despite the challenges faced by the hotel industry during the pandemic, Hotel Solaire was leased out by the City of Los Angeles for homeless housing. The unique buyer involved in this transaction intends to convert the property into permanent housing. The successful completion of the deal showcases the ability of both parties to navigate the uncertain circumstances brought about by the pandemic.