LA real estate
fromtherealdeal.com
1 day agoMeet the online domain titan picking up distressed downtown properties in SoCal
The Montrose hotel in West Hollywood was sold for over $44 million amid challenging market conditions.
The roughly $44 million trade of the boutique hotel at 900 Hammond Street, near Sunset Boulevard, amounts to about $333,000 a room. That is nowhere near a record trade, but a sale is a sale in an area such as Los Angeles where hoteliers are defaulting on debt and facing forced sales and the real estate investment trust's latest strategy is selling hotels and repurchasing shares at discount.