SANTA MONICA, CA-Lighthouse Investments and developer Paligroup have teamed to purchase the historic 38-room Embassy Hotel at Third Street and Washington Avenue for $18 million. The renamed and revamped Palihouse Santa Monica is expected to debut this summer.
The property was originally built in 1927 and was granted historic landmark status in 2001 by Santa Monica. It boasts Moorish-influenced Mediterranean revival architecture, elements of which will be retained under new ownership. Owners, which include a local private equity group that was not named, declined to state the anticipated construction costs of the renovation or the sales terms.
The new version of the hotel will have 36 rooms and include the “Palihouse Lobby Lounge,” a café by day and a curated lounge menu for the afternoon and evening. The hotel is located just a few blocks east of the Santa Monica beaches and near the city's major shopping district.
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