Greenland USA, a subsidiary of Shanghai-based development firm Greenland Group, is selling the 350-room Indigo Hotel less than a year after it opened in Downtown Los Angeles.
The company's asking price for the property is $280 million—a target price that would translate into $800,000 per room, a new per-room record for a DTLA hotel. Construction costs for the hotel were estimated at about $600K per room.
The sale of the Indigo Hotel, which is managed by InterContinental Hotels Group, may be the first phase of an effort by Greenland Group to eventually decouple itself from the massive $1B Metropolis project in LA.
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