LOS ANGELES-GlobeSt.com has exclusively learned that New York-based private equity firm, Cerberus Capital Management LP, has sold the 156-room Embassy Suites Valencia Hotel to Orange County-based private investment firm, Clearview Capital LLC. The property, built in 2007, sold for $19.6 million.
Jones Lang LaSalle Hotels represented the seller of property, who purchased the property in 2011 as part of a 64-hotel purchase across the country from Innkeepers USA Trust of southern Florida for around $1 billion. Cerberus made the purchase at the time in partnership with Chatham Lodging Trust, a Florida-based real estate investment trust.
Cerberus Capital Management did not respond to GlobeSt.com queries by deadline as to reasons for selling the hotel, which was built as the first new generation type Embassy Suites. It features 4,900 square feet of meeting space and the Grove Restaurant.
Managing director John Strauss and senior vice president, Samantha Fisher led the Jones Lang LaSalle Hotels team on the transaction. Fisher tells GlobeSt.com that Clearview “is very familiar with the market and was attracted to the high quality brand and product, making this an excellent acquisition for them.”
Although Fisher could not detail reasons for selling at this time or how many other investors were interested in the property, she tells GlobeSt.com that “the acquisition market in Southern California is very competitive right now, as more quality product is coming to market, which investors have been waiting for.” She adds that the Los Angeles market in particular “is very attractive to all different investor types.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
