[Deptheads] Re: Radisson Ownership Change Info

[Mark K Hyman]

Sigh.   This is not especially welcome news.

Mark.

Robert Lionheart wrote:

> 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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-- 
Mark Hyman
VP Administration
XCOM Wireless, Inc.
2815 Junipero Ave #110
Signal Hill, CA 90755
(562) 981-0077 x11
(562) 981-0089 fax

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