Pacifica Companies for $20.1 million
|November 28, 2000 - Pacifica Companies, with Ashok Israni as President
and CEO and Deepak Israni as Senior Vice President, has just completed
the acquisition of the 12-story, 591-room Wyndham Hotel located adjacent
to Los Angeles Airport (LAX) at the intersection of Sepulveda Boulevard
and West Century Boulevard (Assessorís parcel No. 4124-026-003).
The hotel, which adds to the companyís diverse property portfolio, was purchased under the entity name of LAX Hospitality LP. The corporate headquarters for Pacifica Companies are within the company-owned Mission Brewery Plaza office complex at Interstate 5 and Washington Street in San Diego.
Pacifica closed escrow on the Wyndham Hotel in October 2000 at a price of $20.1 million. Hotel operations will be suspended for about four-six months to complete a full renovation of the premises at a total cost estimated at $10 to $15 million. Upon completing the renovation, the hotel will be re-opened as a Radisson.
The Wyndham Hotel was originally constructed in 1963. Currently, it is made up of 591 guestrooms, including 12 suites and several rooms which surround the hotel swimming pool at the center of the site. Additionally, about 42,000 square feet of meeting room space are available for use including the nearly 14,000 square foot International Ballroom. Also, there are two operating restaurants at the site. Pacificaís plans include a complete renovation and repositioning of the hotel, and the company also intends to improve the hotelís operating efficiencies as it has successfully accomplished with other hotels in the company portfolio.
In addition to the planned renovation, Pacifica ultimately intends to expand the existing facility by constructing two new buildings on the site which will house another 200 guestrooms. This will necessitate the removal of an older recreation room. The current two-level parking structure is also planned to be expanded to include a total of four to six stories.
Pacifica Host Hotels
3185 Midway Drive, Suite T
San Diego, California 92110
Phone: (619) 223-5000
|Also See||Four Hotels In Central Business District of U.S. Capital For Sale; Unencumbered, Washington, D.C. Hotel Portfolio Offered / Sept 2000|
|Perisher Manor Ski Resort in Kosciuszko National Park, Australia - Is for Sale / August 2000|
|Aspen Club Lodge To Be Marketed For Sale; Jones Lang LaSalle Hotels Selected To Sell Upscale Ski Resort / June 2000|