Jones Lang LaSalle Arranged the Sale of Loews Beverly Hills
LOS ANGELES, CA, February 24, 2006. Jones Lang LaSalle Hotels has arranged the sale of the 137-room Loews Beverly Hills Hotel on behalf of SHC Beverly Hills II, LLC, a private company whose principal shareholders are affiliates of Goldman, Sachs & Co. and investors advised by Prudential Real Estate Investors. The property was sold to Morning View Hotels - Beverly Hills, LLC (an Atlantic Pearl affiliate), a west Los Angeles-based investment firm. The hotel is expected to be renovated and repositioned as an upscale, boutique hotel.
"The Loews Beverly Hills Hotel has excellent fundamentals for conversion to a chic, boutique hotel," said Arthur Buser, managing director for Jones Lang LaSalle Hotels in Los Angeles. "The property is located at the crux of Beverly Hills and Century City in the heart of the entertainment industry, which actively pursues these stylized hotels."
"The property's 12th floor ballroom and extensive lobby space present excellent conversion opportunities into revenue-generating food and beverage centers, which is one of the hallmarks of boutique hotels," said John Strauss, senior vice president, Jones Lang LaSalle Hotels. "Considering the performance of other successful, west Los Angeles boutique hotels, we think this is going to be a great opportunity for the buyer to generate additional cash flow beyond the historic operations at the property."
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