A Radisson Hotel located at Los Angeles international airport has sold for $93 million. San Diego-based Pacifica Cos. sold the 580-room hotel to Chicago-based Harp Group. The hotel, adjacent to Terminal 1, houses 42,000 sq. ft. of meeting space along with a 14,000 sq. ft. ballroom.
“After an extensive marketing effort, the Harp group prevailed in [a] competitive process,” says John Strauss, executive vice president for Jones Lang LaSalle Hotels.
“The LAX hotel market has performed extremely well in recent years with occupancies for the major hotels topping 80% and average rates up close to 10% year to date through the third quarter.”
The Harp Group, a private real estate investment firm that owns branded hotel properties, plans to renovate the newly acquired Los Angeles hotel, according to Jones Lang LaSalle. The new owner also plans to keep the Radisson franchise affiliation.