Skip Ribbon Commands
Skip to main content

News release

Los Angeles

Jones Lang LaSalle Hotels Brings Custom Hotel to Market

Rare opportunity to purchase boutique hotel near LAX and Loyola Marymount University


LOS ANGELES, April 7, 2010 – Jones Lang LaSalle Hotels has been selected to exclusively market the 250-room Custom Hotel located in the Westchester Area of Los Angeles, Calif. for sale on behalf of the owner.
 
The Custom Hotel represents an acquisition opportunity free-and-clear of management and franchise agreements, presenting an excellent opportunity for an owner to create of further enhance a Southern California presence.

The Custom Hotel’s location adjacent to Loyola Marymount University (“LMU”) and the Otis College of Art and Design, in addition to being one-half mile from the Los Angeles International Airport (“LAX”) benefits the property with a diverse and healthy mix of year-round demand. These demand generators are expected to grow as the Los Angeles City Counsel recently approved an $11 billion modernization and development plan for LAX that will enable the airport to accommodate nearly 80 million annual passengers.  LMU also has proposed a master plan that would expand campus facilities by 35 percent or more than one million square feet.
 
“The 12-story Custom Hotel is a stylish boutique hotel offering 2,000 square feet of meeting space and amenities including a 6,800-square-foot pool deck and two food and beverage outlets,” said John Strauss, executive vice president for Jones Lang LaSalle Hotels. “We expect significant investor interest in the hotel as it is being offered at a significant discount to replacement cost and has undergone a recent $23 million renovation.”

“There are many value enhancement opportunities for a new owner which includes exploiting underutilized space, exploring different branding or affiliation options to enhance market position and benefiting from the recent renovation,” said Tony Muscio, vice president of Jones Lang LaSalle Hotels.  “In addition, a new owner will be able to create value through enhanced third party asset management opportunities and operational efficiencies by increasing revenues and improving expense margins comparable to competitive properties.”
 
About Jones Lang LaSalle Hotels

Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide the depth and breadth of advice required by hotel investor and operator clients, through a robust and integrated local network. In 2009, Jones Lang LaSalle Hotels provided sale, purchase and financing advice on over $1.6 billion worth of transactions globally. In addition, advisory and valuation services were provided on nearly 800 assignments. The global team comprises over 200 hotel specialists, operating from 36 offices in 19 countries. The firm's advice is supported by a dedicated global research team, which produced 80 publications in 2009 in addition to client research. Jones Lang LaSalle Hotels' services span the hospitality spectrum; from luxury single assets and large portfolios to select service and budget hotels, resorts and pubs. Services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services. Jones Lang LaSalle Hotels' clients have access to the resources of its parent company, Jones Lang LaSalle (NYSE: JLL). www.joneslanglasallehotels.com.