200 KEYS LUXURY HOTEL CONVERSION IN LA
Updated: May 20
Location: 1543 W Olympic Blvd. Los Angeles, CA 90015 Original Purchase Price: WAS - $37M
New Reduced Price: $29.6M FIRM PLUS 3% FEES
PRIVATE SELLER, OFF MARKET DISCOUNTED IN L.A. BY $7.4M .....HERE'S A VACANT 5 STORY 200 ROOM HOTEL CONVERSION PROJECT NEAR DOWNTOWN L.A. .....ALL OF THE ENTITLEMENTS ARE IN PLACE THIS IS FROM AN OFF MARKET PRIVATE SELLER, VACANT & DISCOUNTED $7,400,000 –DOWN TO $29.6M PLUS 3% R.E. COMMISSION SUMMARY Entitled Current Conversion Project Featuring a 5 Story (Delivered Vacant) 200 Room Luxury Hotel with LEED Gold Standard Construction 125,180 SF 48,880 SF (1.12 Acre) Lot Located Minutes To DTLA Hotel and its restaurants are well situated to serve visitors to the LA Convention Center, LA LIVE area and offers easy access to all that DTLA has to offer. An adaptive reuse hotel opportunity in the up and coming area of Pico Union, located just four blocks west of the Staples Center and the Los Angeles Convention Center. This project is currently entitled for 200 hotel rooms and retail and restaurant venues on both the ground and roof levels. This area is in extremely high demand for hotels. The Tourism and Convention Board reported in 2015 that an estimated $5 billion dollars was lost in events the Convention Center didn’t host since there were inadequate rooms nearby to accommodate participants. The City of Los Angeles furthermore, has recently set a goal of having 8,000 hotel rooms developed within walking distance of the Convention Center by 2020. This a great opportunity for developers looking to get their hands on one of the first hotel projects in this location. AMENITIES AND FEATURES 3.5 to 4 Star Luxury Hotel 6000 SF Rooftop Restaurant Ground floor Restaurant and Retail Panoramic View of DTLA Skyline Courtyard garden and rooftop deck Lobby Concierge and secure building access 238 onsite hotel an public parking spaces Will create 160 - 200 permanent jobs Located neat Olympic and 110 Freeway 25 Minutes to LAX and Bob Hope Airports Great 87 Walk Score Area THIS ASSET IS DELIVERABLE WHILE AVAILABLE THIS PORTFOLIO SALE IS OFF THE MARKET MUST STAY OFF THE MARKET, PLEASE DO NOT LET THIS PORTFOLIO GO VIRAL THIS IS A PRE-DUE DILIGENCE AND NOT A FORMAL DUE DILIGENCE PACKAGE. PLEASE NOTE: THE SELLER MAY HAVE PROVIDED HISTORICAL FINANCIALS UPFRONT. THE SELLER "IS NOT" ASKING THE POTENTIAL BUYER TO PROVIDE A PSA AND ESCROW DEPOSIT UPON THE RECEIPT OF THIS OFFERING MEMORANDUM, JUST AN LOI SHOWING THE BUYER'S INTEREST, BUYER'S INVESTMENT BIO, BUYER SIGNED MASTER FEE AGREEMENT AND THE FACT THAT THE BUYER IS FINANCIALLY CAPABLE. GIVEN THAT IF THE BUYER CHOOSES TO DO THE PREVIOUS PROTOCOL AND PROOF UP ATTORNEY TO ATTORNEY, THAT IS THE BUYER'S OPTION. ONCE PROOFED UP, THE SELLER WILL PROVIDE SOME OF THE UPDATED AND ABSOLUTELY EVERYTHING IN FORMAL DUE DILIGENCE. BUYER & SELLER PARTICIPATION MUST BE A TWO WAY STREET. Buyers are advised to do their own independent due diligence and research before commuting with the purchase FOR FINANCING OPTIONS PLEASE EMAIL NOTE: - Price is firm and not negotiable. PLEASE, NO TRANSACTIONAL FUNDING. REQUIRED TO MAKE AN OFFER: 1. SIGNED NDA 2. LETTER OF INTENT 3. POF (BANK OR FUND STATEMENT)....NO EXCEPTIONS!