The developer plans to reposition the hotel, located at 1819 Ocean Ave. into an upscale boutique property, says Louis Stervinou, managing director of Colliers International Hotel Realty, which represented both parties in the transaction. "Elkor will renovate the property significantly," Stervinou tells GlobeSt.com, estimating that more than $10 million will be spent on remodeling work.
Elkor currently owns and operates several other boutique properties, including the Avalon Hotel and Maison 140, both located in Beverly Hills.
The San Francisco offices of Colliers International Hotel Realty represented Elkor and the seller, San Clemente-based Sunstone Hotel Investors LLC.
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