{"id":1004133048,"date":"2015-12-04T07:27:32","date_gmt":"2015-12-04T15:27:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004133048"},"modified":"2022-12-07T22:38:43","modified_gmt":"2022-12-08T06:38:43","slug":"new-majority-owner-for-west-hollywoods-sunset-tower-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-majority-owner-for-west-hollywoods-sunset-tower-hotel\/","title":{"rendered":"New Majority Owner for Sunset Tower Hotel"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/p>\n

\"Sunset<\/a>Sunset Tower Hotel, a legendary hot spot in West Hollywood known for attracting A-list celebrities, has a new majority partner. Elevated Returns acquired an 80 percent stake in the hotel that\u2019s valued at $75 million from KKHG Sunset Tower L.L.C., an investment group headed by Peter Krulewitch.<\/p>\n

Renowned celebrity hotelier Jeff Klein will retain his 20 percent stake in the 81-key, Art Deco boutique hotel at 8358 Sunset Blvd. Klein will continue to manage the hotel, which opened in 1931 and was named to the National Register of Historic Places in 1980.<\/p>\n

Klein and Krulewitch bought the property in 2004 for $18.5 million, according to the New York Post.<\/p>\n

Elevated Returns is led by Stephane De Baets. The same ownership team acquired the St. Regis Resort in Aspen, Colo., and created the successful Chefs Club restaurants in aspen and New York.<\/p>\n

\u201cThis asset fits perfectly with our strategy to acquire unique, irreplaceable assets run by seasoned professionals,\u201d De Baets said in a prepared statement. \u201cWest Hollywood is booming and we are proud to have found a way into owning a substantial stake in the classiest asset on the Sunset Strip.\u201d<\/p>\n

\u201cI\u2019ve been searching for the right partner for awhile and am very lucky to have found someone who appreciates Sunset Tower\u2019s unique pedigree,\u201d Klein said in a statement. \u201cIn addition to our collaboration on Sunset Tower, I\u2019m also excited that I\u2019ll have the opportunity to work with him on other projects in the future.\u201d<\/p>\n

The hotel, which has an outdoor pool, spa and salon, fitness center, is also known for its Tower Bar and Restaurant.<\/p>\n

JLL\u2019s Hotels & Hospitality Group handled the deal with International Directors Jeffrey Davis and John Strauss and Senior Vice President Tony Muscio leading the team.<\/p>\n

\u201cSunset Tower is one of the most prominent and storied hotels in West Los Angeles,\u201d\u00a0 Davis said. \u201cStephane De Baets and his team, along with the original visionary Jeff Klein, are the perfect fit to usher in the new era of Sunset Tower and everything it has to offer.\u201d<\/p>\n

\u201cSunset Tower\u2019s Art Deco, classic Hollywood charm combined with its irreplaceable location and strong operating performance has fueled a high price per key within the dynamic West Hollywood and greater Los Angeles lodging market,\u201d added Muscio.<\/p>\n

The city\u2019s hospitality market is thriving, according to a blog posting by JLL\u2019s Los Angeles team.<\/p>\n

\u201cIn the first three quarters of 2015, the Los Angeles hotel market has seen healthy growth with average daily rates up by eight percent and revenue per available room up by nine percent, higher than other large gateway cities and above the national average,\u201d the JLL Los Angeles blog stated.<\/p>\n

The JLL Hotels & Hospitality Group has worked with the new owner before, helping it secure $75 million in financing<\/a> for the St. Regis Aspen Resort in June 2013. The JLL group, with a global team of about 340, has completed more transactions than any another hotels and hospitality real estate advisor in the world, totaling $51 billion over the last five years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Elevated Returns has acquired an 80 percent stake in the West Hollywood hot spot.<\/p>\n","protected":false},"author":1068,"featured_media":1004133060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21825,21751,1594,21742,15],"tags":[],"class_list":["post-1004133048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-finance","category-hotel","category-los-angeles","category-latest","category-west"],"acf":[],"yoast_head":"\nNew Majority Owner for Sunset Tower Hotel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-majority-owner-for-west-hollywoods-sunset-tower-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Majority Owner for Sunset Tower Hotel\" \/>\n<meta property=\"og:description\" content=\"Elevated Returns has acquired an 80 percent stake in the West Hollywood hot spot.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-majority-owner-for-west-hollywoods-sunset-tower-hotel\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-12-04T15:27:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T06:38:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/Sunset-Tower.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"567\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-majority-owner-for-west-hollywoods-sunset-tower-hotel\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/new-majority-owner-for-west-hollywoods-sunset-tower-hotel\/\",\"name\":\"New Majority Owner for Sunset Tower Hotel - 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