Doubletree LA International Airport Sold
Colliers International Hotels Acts as Advisor to the Seller
EL SEGUNDO, CA, February 16, 2006. Colliers International Hotels announces that it has arranged the sale of the Doubletree Hotel Los Angeles International Airport (LAX) for a price of $30.5 million. Bob Kaplan, Bob Eaton and Mark McDermott of Colliers International Hotels advised the seller, a local partnership, on the transaction. The seller had owned the hotel since June 2003.
.
The seven-story hotel features 215 guest rooms, 4,500 square feet of meeting space, an outdoor swimming pool, and Roxii Restaurant and Bar. Built in 1987, the property is located at 1985 Grand Avenue in the heart of El Segundo's vibrant office market. The hotel is minutes away from LAX and is adjacent to the world headquarters of toy company Mattel, Inc.
The buyer is Harp El Segundo, LLC, an affiliate of The Harp Group, Inc. Portfolio Hotels and Resorts will manage the property on behalf of the new owner and the hotel will continue to be affiliated with the Doubletree brand.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
