Twenty Four Seven Hotels, West Coast hotel management, investment, and development company, has announced the addition of DoubleTree by Hilton LAX – El Segundo to its management portfolio. The LAX hotel is the first of four new management contracts in the LA area in 2017.
DoubleTree by Hilton Hotel LAX is a 216-room property and the only full-service hotel within El Segundo, just minutes from Los Angeles International Airport (LAX). Twenty Four Seven Hotels is based in Newport Beach and has also assumed management of the hotel.
Twenty Four Seven Hotels’ portfolio includes 19 managed hotels throughout the western U.S. with six more currently under construction, including a second DoubleTree set to open in Los Angeles County in the 4th quarter.
Twenty Four Seven Hotel provided guidance to the buyer on the transactional side with sourcing, underwriting and acquiring the hotel, and on the capitalization side by assisting in the structuring of new mezzanine financing in conjunction with the assumption of a senior CMBS loan. The real estate transaction and loan were both successfully brokered by Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the new owner Umbrella Hotel Group, an emerging owner, and developer of hotels in the Western U.S.
The hotel underwent renovations in 2016 that consisted of a complete reconfiguration and enhancement of first-floor public areas and guestroom upgrades. The design refresh of the remaining six floors of guestrooms and a brand-new pool deck will complete the transformation in early 2018, along with tech upgrades including Whistle, a guest-oriented text messaging system. The hotel features a junior Olympic-sized, heated, outdoor pool, 3,238 square feet of indoor meeting space and 625 square feet of poolside outdoor space, new fitness center, 24-hour business center, snack shop, airport shuttle, printing service, and East Grand Bar & Grille restaurant.
Source: Twenty Four Seven Hotels | PRNewswire
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