Umbrella Hotel Group sealed a $54.1 million deal for the newly renovated DoubleTree by Hilton Hotel near Los Angeles International Airport, sources with knowledge of the transaction told The Real Deal. It paid roughly $250,000 per room for the property.
The seller of this seven-story, 216-key property at 1985 E. Grand Avenue is a joint venture between Evolution Hospitality and Argosy Real Estate Partners, according to a release from HFF.
Tony Malk and Scott Hall of HFF represented the seller in the sale. James Fowler of HFF arranged the financing for Umbrella, which included a mezzanine loan with Washington Holds.
The hotel last traded for $33.1 million in 2014. Located near the 105 and 405 freeways, it has around 3,200 square feet of indoor meeting space and an Olympic-sized pool.
Umbrella is mainly controlled by the Goyal family, oil wholesalers for Shell and Chevron. The Umbrella entity primarily focuses on real estate investment in hotel assets, according to a release from HFF.
Evolution Hospitality, launched in 2011, was a former management division for Tarsadia Hotels and currently manages 33 hotels in California. Argosy Real Estate Partners invests in real estate through joint ventures with partners that have local market knowledge, according to the release.