[Deptheads] Radisson Ownership Change Info

[Robert Lionheart]

>From a CoStar article November 15, 2007
   
  The Harp Group, a Chicago-dased firm, purchased the 582-room LAX Radisson Hotel at 6225 W. Century Blvd. in Los Angeles from Pacifica Cos. for $93 million, or about $159,794 per room. 

Built in 1963 and renovated in 1996, the 472,000-square-foot LAX Radisson is on 7.37 acres. The new buyer plans to renovate the property even further. 

The 582-room hotel, centrally located within the Los Angeles International Airport, boasts approximately 42,000 square feet of meeting space and contains a 14,000-square-foot ballroom. In addition, the property includes four restaurants and bars, an outdoor pool and a mix of retail units. 

The building had an average occupancy rate of 83% in 2006. Average room rates are $90 per night. The transaction included 4 acres of excess land entitled for the development of a parking structure and or a Residence Inn by Marriott. It sold at an 8% cap rate, based on a mix of actual and pro forma data. 

John Strauss and James Stockdale of Jones Lang LaSalle Americas Inc. represented the seller. The buyer represented itself. 

Please refer to CoStar COMPS #1427716 for more information on this transaction. 

       
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