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David Geffen Sells Malibu Beach Inn for $80M

MALIBU, CA—In a 1031 exchange, the Mani brothers purchase the iconic 47-room property for $1.7 million per room, one of the highest sales prices of any hotel in the country.

By Kelsi Maree Borland | Updated on March 12, 2015

MALIBU, CA—The Mani brothers, Simon Mani and Daniel Mani, have purchased the 47-room Malibu Beach Inn from David Geffen for $80 million. The sales price equates to $1.7 million per room, which is the highest price paid per room for a hotel outside of New York, Florida and Hawaii.

The property was not brought to market, and Geffen hadn’t planned to sell it. Rather Madison Partners’ broker Bob Safai closed on the 1031 exchange sale of 801 Figueroa with the Mani brothers, and they needed another high-profile property to complete the exchange. Safai approached Geffen, who he had represented in the purchase of the Malibu Beach Inn in 2005, and worked out an off-market transaction. “The Mani brothers only buy and own trophy assets, and it doesn’t get any more trophy than this,” Safai tells GlobeSt.com. “This is the most trophy boutique hotel on the ocean on the West Coast.” Safai represented both the buyer and the seller in the transaction.

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