Monday, February 4, 2013

Crystal Casino Hotel in Compton, CA Sells for $16.5 Million

Crystal Casino Hotel, Compton City, CA
COMPTON, Calif., Feb. 4, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Crystal Casino Hotel, a 250-room full-service hotel and casino in Compton, Calif. The sales price of $16.5 million represents $66,000 per room.

            Gordon Allred, vice president investments and senior director of the firm’s National Hospitality  Group in Ontario, Calif., represented the seller, a regional casino operator. The buyer is an investment group based in China.

            “In an unusual and mutually beneficial arrangement, the seller will lease back the entire ground floor of the hotel and retain operation of the casino, restaurant and bar,” says Allred. “The buyer, meanwhile, should be able to realize substantial upside potential through improved management and renovation of the hotel lobby, the guestrooms and the meeting space.”

Gordon Allred
Located at 123 East Artesia Blvd. in Compton, the nine-story hotel and casino is situated on 15 acres along the Alameda Corridor between Long Beach, Calif. and Los Angeles in the center of Los Angeles County.

            Crystal Casino Hotel is comprised of eight floors with 250 keys above the ground floor. The property includes approximately seven acres of excess commercially zoned vacant land for future development. The hotel business is closed during the renovation while the casino and restaurant remain open.  Reopening of the hotel is scheduled for the summer of 2013.

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