[Deptheads] Re: Radisson Ownership Change Info

[Eric M. Aldrich I]

This explains a lot.

Eric

On 13 Dec 2007, at 12:27 PM, 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.
>
> Be a better friend, newshound, and know-it-all with Yahoo! Mobile.  
> Try it now.

---
Eric M. Aldrich I
Apple Core Audio Engineering
Audio Codecs