Woodbine Legacy Investments Acquires 375-Room Doubletree by Hilton Los Angeles – Westside for $151.5 Million
October 15, 2018 10:28am
DALLAS (Oct. 15, 2018) — Woodbine Legacy Investments (WLI) purchased the 375-room DoubleTree by Hilton Hotel Los Angeles - Westside and an adjacent entitled 2.2-acre development parcel from The Carlyle Group for $151.5 million. The broker for the transaction was Eastdil Secured. The purchase of the DoubleTree LA – Westside marks the third acquisition for WLI, a private real estate fund created and managed by Woodbine Development Corporation.
Woodbine’s plans for the Culver City hotel include a $35 million renovation, which is set to begin in early 2019. The company’s plans also include developing the adjacent 2.2-acre parcel, Entrada, which is entitled for 300,000 square feet of office development. That project is anticipated to kick off in late 2019.
The DoubleTree LA – Westside is located in the rapidly transforming area commonly referred to as Silicon Beach, which has seen a wave of growth over the past five years and, with it, an influx of technology companies and startups settling in, among them Facebook, Apple, Google and others. The hotel enjoys proximity to Manhattan Beach and Marina Del Rey and Santa Monica beaches as well as the Los Angeles International Airport and the new Los Angeles Stadium and Entertainment District (where the Rams and Chargers will play).
The DoubleTree LA – Westside first caught Woodbine’s eye when the company opened its LA office in 2011. At the time, it was an unremarkable airport hotel in a transitioning area, but one of the things it had going for it was its location between Playa Vista, Culver City and LAX airport. Over the years, Dupree Scovell, the LA-based managing partner and chief investment officer of Woodbine Legacy Investments and Woodbine, has been pursuing the hotel, waiting and watching for redevelopment to evolve the areas around it. Then in 2016, the Woodbine team sought to purchase the property, but due diligence around entitlements ultimately took the deal off the table. Another opportunity resurfaced in March 2018, and WLI closed on the hotel on July 11.
“This is a case where it paid to be patient. Given that I live close by, we’ve been watching this property and area for many years, so we’re excited to add it to our portfolio and have the chance to realize the hotel’s potential as a compelling So Cal destination,” said Scovell. “Working in partnership with Hilton, we are keenly focused on transforming this asset into a first-class, four-star hotel that will serve the area well.”
Woodbine’s plans to renovate The DoubleTree LA – Westside—and eventually rebrand it—will give the destination new life inside and out. The scope of the overhaul includes all public spaces, the exterior façade and landscaping, and 25,000 square feet of meeting space to reflect the wants and needs of today’s travelers and the surrounding modern, fast-growing, tech-forward neighborhood. All 375 guest rooms and guest baths will also be updated and outfitted with new furnishings, surfaces, lighting and décor. Amenities such as the fitness center, pool, Share Bistro, Share Wine Lounge and more will also be upgraded.
Tags: woodbine legacy investments,
doubletree by hilton hotel los angeles - westside,
the carlyle group,
woodbine development corporation
Woodbine Legacy Investments is a real estate investment platform that focuses on branded, boutique and independent hotel acquisitions and investments across the United States. Capitalized by select family offices, foundations and institutions, WLI pursues lower-risk, conservatively leveraged, full-service and select-service hotel assets in top-tier markets that offer long-term cash-flow opportunities for investors. The fund is led and owned by Woodbine Development Corporation. To learn more, email WLI@woodbinedevelopment.com.
Woodbine Development Corporation is a full-service real estate company with more than 40 years of development, investment, acquisition and asset management experience. With offices in Dallas, Phoenix and Los Angeles, Woodbine specializes in hotels, resorts and mixed-use developments throughout the United States. The company’s hospitality portfolio features major brands, independent hotels, full-service destinations and select-service stays alike. Since 1973, Woodbine has been involved in more than $7 billion in commercial real estate projects, including the development, ownership, asset management, repositioning or renovation of over 17,000 hotel rooms. To learn more, visit www.woodbinedevelopment.com.
DoubleTree by Hilton is a fast-growing, global portfolio of more than 535 upscale hotels with more than 127,000 rooms across six continents. DoubleTree by Hilton prides itself on paying attention to the little details that have a big impact, from welcoming guests with its signature warm DoubleTree Cookie, to serving the communities around them. DoubleTree by Hilton hotels offer contemporary accommodations and full-service facilities, including restaurants and lounges, room service, health clubs, business centers, and meeting and banquet spaces. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits. To make reservations, travelers may visit doubletree.com. Connect with DoubleTree by Hilton on facebook.com/doubletree, twitter.com/doubletree and instagram.com/doubletree. Learn about the latest brand news at newsroom.hilton.com/doubletree.
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