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| DoubleTree LAX, 1985 East Grand Avenue, El Segundo, CA |
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| Bill Stadler |
DALLAS, TX – HFF announced
today that it has closed the recapitalization of and arranged acquisition
financing for the DoubleTree LAX, a
215-room, full-service hotel in El Segundo, California.
HFF represented the buyer in the recapitalization of the
property. A joint venture between
Argosy Real Estate, Evolution Hospitality, LLC and the current owner,
Stonecreek Properties, purchased the property for an undisclosed amount.
HFF also arranged a
10-year, fixed-rate acquisition loan on behalf of the borrower through The
Bancorp Bank.
The DoubleTree LAX is
located at 1985 East Grand Avenue just off the Pacific Coast Highway, two miles
from the Los Angeles International Airport in El Segundo’s central business
district.
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| John Bourret |
The property offers 4,500 square feet of meeting space and
additional amenities including a 24-hour business center, junior Olympic-sized
heated outdoor pool, hot
tub, fitness center and gift shop.
tub, fitness center and gift shop.
The HFF team working on the
recapitalization was led by senior managing director Bill Stadler and managing director John Bourret.
The HFF debt placement team
representing the borrower was led by managing director James Fowler and managing director John Bourret.
Argosy Real Estate
specializes in opportunistic real estate investments, serving both
institutional investors and high net worth individuals.
Through joint venture
structures, Argosy Real Estate partners with entrepreneurial real estate
operating partners possessing significant local market knowledge, specific
asset category experience and a demonstrated track record of operating success.
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| James Fowler |
Argosy Real Estate currently has in excess of $225 million in equity value of
assets under management.
Based in Newport Beach,
California, Evolution Hospitality specializes in the acquisition and management
of hotel properties with years of experience and success in adding value on an
industry-wide basis.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 |
(direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com
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