The seller was Southborne Inc. The parties involved did not disclose the sale price, which one local industry source tells GlobeSt.com was around $400,000 per key.
The hotel occupies two adjacent 95-year-old buildings. In the near term, Kor Group intends to make only minor improvements to the four-star property, which made Conde Nast Traveler's 2005 Gold List. The hotel received more than $5 million in upgrades in 1995.
The Kor Group manages its own hotels and also has third-party management contracts. The company also owns 2,500 apartment units in the Los Angeles area.
Most of Kor Group's hotels are located in Southern California, but the company also owns hotels in Washington, DC, Mexico and the British West Indies. Several of its hotels fly the Viceroy flag. In 2008, it plans to open Viceroy Resorts and Residences in Miami, Anguilla and Riviera Maya debuting in 2008.
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