NewcrestImage Acquires Los Angeles Hotel From Highgate And Cerberus For $44.2M

An upscale hotel located at 5249 West Century Boulevard in Los Angeles has been sold for a whopping $44,200,000. The property, owned by Highgate and managed by Arash Azarbarzin, was acquired by NewcrestImage, represented by Mehul Patel. The hotel features 281 keys, each with a price per key of $157,295. The transaction took place on September 21, 2022, and the lender involved in the deal was interbank''>InterBank.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $44,200,000
• Address: 5249 West Century Boulevard
• Market: Los Angeles
• Buyer: NewcrestImage - Mehul Patel
• Seller: Highgate - Arash Azarbarzin; Cerberus Capital Management - Steve Feinberg
• Lender: InterBank
• Keys: 281
• Price Per Key: $157,295

Mehul Patel, representing NewcrestImage, successfully closed the deal to purchase the hotel from Highgate, under the management of Arash Azarbarzin, and Cerberus Capital Management, led by Steve Feinberg. This acquisition highlights the growing hospitality market in Los Angeles and positions NewcrestImage as a key player in the industry.