Locally based hotel investor purchases Hyatt Place El Segundo for $49M
JLL’s Hotels & Hospitality Group led the sales efforts for the 143-key, select-service hotel in the Los Angeles area
LOS ANGELES, September 27, 2022 – JLL’s Hotels & Hospitality Group announced today that it has closed the $49 million sale of the Hyatt Place Los Angeles / LAX / El Segundo, a 143-key, select-service hotel in El Segundo, California.
JLL represented the seller, Washington Holdings, and procured the buyer, El Segundo-based Welcome Group, Inc. The hotel was sold unencumbered by management.
Located at 750 N Nash St., the Hyatt Place El Segundo is ideally positioned in the coastal city of El Segundo, which features numerous corporate and leisure demand drivers. The city is home to prominent defense and aerospace firms as well as three sports teams: the NBA’s Los Angeles Lakers, the NHL’s Los Angeles Kings and the NFL’s Los Angeles Chargers. The Chargers are in the process of building a new state-of-the-art practice facility that will further bolster demand in the area. In addition, the Hyatt Place El Segundo is close to Los Angeles International Airport and accessible via the 405 and 105 Freeways.
The Hyatt Place El Segundo, which was recently renovated in 2020, offers traditional guest rooms and king suites that average 369 square feet each. Guests have access to on-site amenities, including The Placery bar and restaurant, The Market grab-and-go outlet, a fitness center, outdoor pool and electrical vehicle charging station. In addition, the pet-friendly hotel features a business center and 1,054 square feet of meeting or event space.
The JLL Hotels & Hospitality team representing the seller was led by Senior Managing Director John Strauss, Managing Director James Stockdale and Executive Vice President Melvin Chu.
“The Los Angeles area benefits from strong corporate and leisure demand that continues to grow as the city diversifies from an entertainment mecca to an international hub for technology, media, finance, trade, manufacturing and more,” Strauss said. “El Segundo in particular has experienced substantial growth with major firms located near the hotel including AT&T, Mattel, Boeing, Raytheon, and Spectrum.”
“The Hyatt Place El Segundo is well-positioned for continued growth in a dynamic market,” Chu said. “We’re grateful and honored for the opportunity to represent the seller on this important assignment, and excited for the buyer and the future of this hotel.”
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Welcome Group, Inc.
Welcome Group, headquartered in El Segundo, California, operates and owns a $300 million portfolio of 10 hotel properties across the U.S. with an ambition to grow to a billion over the next 10 years. The hospitality company's mission is to provide guests with the best value through high-quality accommodations, impeccable service, and a friendly staff.
About Washington Holdings, LLC
Washington Holdings is a West Coast-focused, diversified, institutional real estate investment firm with over $3B in assets under management, including multifamily, office, R&D and hospitality assets. Headquartered in Seattle, with offices in Los Angeles and Silicon Valley, the firm’s mission is to achieve superior risk-adjusted returns through their talented team of committed real estate professionals.