CARSON, CA-Harvard Grand Investment Inc. of Los Angeles has acquired the 224-room Doubletree Carson Civic Plaza Hotel from San Diego-based Carson Inn Inc. in a transaction brokered by PKF Capital. Bob Kaplan, senior managing director in the Los Angeles office of PKF Capital, tells GlobeSt.com that the property generated multiple offers after drawing the interest of 100 prospective buyers who signed confidentiality agreements when PKF launched its marketing campaign for the property.
Kaplan and managing director Rod Apodaca of PKF brokered the sale, terms of which were not disclosed. Comparable properties have sold in the range of $140,000 per room at cap rates of about 8%.
Kaplan tells GlobeSt.com that the prospective buyers for the Doubletree ranged from individual owner-operators to large national companies. The seller had owned the property since March 2005 and had recently completed an extensive renovation as part of the conversion of the hotel to the Doubletree flag.
Kaplan and Apodaca note that the sale was a complex transaction that included new franchise licensing, liquor license transfer and the funding of a new acquisition loan. PKF launched the marketing campaign for the hotel about six months ago, hosting a complete due diligence web site and a competitive call-for-offers process.
The eight-story Doubletree Carson, located at 2 Pacific Plaza, was built in 1988 and features an outdoor pool and spa, 5,000 sf of meeting space, a full-service restaurant, a sports bar, a fitness room and a business center. Its location along the 405 Freeway is midway between Los Angeles International Airport and Long Beach, drawing a mix of corporate, leisure, and group business to the hotel. In addition, the Doubletree Carson is the official hotel of the Home Depot Center, a 125-acre sports campus featuring soccer, tennis, track and field, as well as other entertainment venues.
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