| El Segundo, CA -- February
16, 2006 -- Colliers International Hotels announces that it has arranged
the sale of the Doubletree Hotel Los Angeles International Airport (LAX)
for a price of $30.5 million.
Bob Kaplan, Bob Eaton and Mark McDermott of Colliers
International Hotels advised the seller, a local partnership, on
the transaction. The seller had owned the hotel since June 2003.
The seven-story hotel features 215 guest rooms, 4,500 square feet of meeting space, an outdoor swimming pool, and Roxii Restaurant and Bar. Built in 1987, the property is located at 1985 Grand Avenue in the heart of El Segundo�s vibrant office market. The hotel is minutes away from LAX and is adjacent to the world headquarters of toy company Mattel, Inc. The buyer is Harp El Segundo, LLC, an affiliate of The Harp Group, Inc. Portfolio Hotels and Resorts will manage the property on behalf of the new owner and the hotel will continue to be affiliated with the Doubletree brand. About Colliers International Hotels Colliers International Hotels has been a premier provider of brokerage and advisory services to the hospitality industry since 1989. Colliers International Hotels� U.S. practice is headquartered in San Francisco, and opened a Southern California office in 2005. Colliers International Hotels is part of Colliers International, a global real estate firm that provides a full range of services to commercial real estate users, owners and investors in 248 offices in 51 countries. |
