LOS ANGELES-A joint venture between StoneCreek Properties, Argosy Real Estate and Evolution Hospitality LLC has purchased the 215-room DoubleTree LAX hotel for an undisclosed amount. Stonecreek Properties was formerly the sole owner of the property before forming the joint venture.

Located at 1985 East Grand Avenue in El Segundo, the hotel is in a large 7.5 million-square-foot corporate park in the city's central business district, and sits adjacent to Mattel Inc. The hotel serves corporate clients with 4,500-square-feet of meeting space and a 24-hour business center. Evolution Hospitality will manage the property.

Argosy Real Estate, which has an asset portfolio under management of $225 million in equity value, routinely seeks opportunistic investments, such as this one. In late 2014, the joint venture plans to renovate the interior guest rooms as well as the lobby area and restaurant.

HFF provided recapitalization and a 10-year, fixed-rate acquisition loan on behalf of the joint venture. Senior managing director Bill Stadler and managing director John Bourret arranged acquisition financing, while managing director James Fowler and Bourret arranged the debt placement on behalf of the borrower, Bancorp Bank.

The El Segundo market is growing rapidly due to the influx of creative tech companies. Late last year, Chinese investor Hazens Investment LLC acquired the Sheraton LAX Hotel for $96 million. The 802-room hotel purchase was the company's first in the US.