{"id":1004187320,"date":"2017-08-17T06:04:03","date_gmt":"2017-08-17T14:04:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004187320"},"modified":"2022-12-08T11:42:06","modified_gmt":"2022-12-08T19:42:06","slug":"hff-closes-lax-doubletree-sale-and-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/","title":{"rendered":"HFF Closes LAX Doubletree Sale and Financing"},"content":{"rendered":"<p>By Ariela Moraru<\/p>\n<div id=\"attachment_1004187321\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004187321\" data-attachment-id=\"1004187321\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/doubletree-by-hilton-hotel-lax-el-segundo\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo-e1502898364850.jpg\" data-orig-size=\"905,681\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Ariela Moraru&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1502908543&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"DoubleTree by Hilton Hotel LAX &#8211; El Segundo\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;DoubleTree by Hilton Hotel LAX &#8211; El Segundo&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo-e1502898364850.jpg?w=905\" class=\"wp-image-1004187321 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo-e1502898364850.jpg\" alt=\"DoubleTree by Hilton Hotel LAX - El Segundo\" width=\"300\" height=\"226\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo-e1502898364850.jpg 905w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo-e1502898364850.jpg?resize=300,226 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo-e1502898364850.jpg?resize=768,578 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004187321\" class=\"wp-caption-text\">DoubleTree by Hilton Hotel LAX &#8211; El Segundo<\/p><\/div>\n<p>Umbrella Hotel Group purchased DoubleTree by Hilton Hotel LAX &#8211; El Segundo, a 216-key hotel three miles from the Los Angeles International Airport. HFF marketed the property on behalf of the seller, a joint venture between Argosy Real Estate Partners and Evolution Hospitality and secured mezzanine financing for the new owner. Twenty Four Seven Hotels assisted the buyer in the sourcing, underwriting and loan assumption.\u00a0<\/p>\n<p><em>\u201cThe process of assuming the debt and placing the new mezzanine financing created an extra layer of complication to the transaction and required a patient buyer with a long-term outlook,\u201d<\/em> said HFF Managing Director Tony Malk in prepared remarks.\u00a0 <em>\u201cUmbrella Hotel Group is a unique buyer in today\u2019s hotel market and demonstrated a strong commitment to closing this transaction from the outset.\u201d <\/em>Malk and Managing Director Scott Hall led the investment sales team representing the seller. The two have also advised on Rubicon\u2019s recent 596-room <a href=\"https:\/\/www.commercialsearch.com\/news\/rubicon-sells-lax-596-key-hotel-portfolio\/\">hotel portfolio disposal<\/a> one block away.<\/p>\n<p>HFF also arranged a seven-year mezzanine loan with Washington Holdings to match the existing senior loan arranged for the seller in a previous transaction. HFF Senior Managing Director James Fowler led the debt placement team representing the borrower.<\/p>\n<p><em>\u201cSince the property was encumbered with existing debt subject to heavy pre-payment penalties, the right to place additional mezzanine financing gave the buyer an excellent option, which was significantly accretive to value,\u201d<\/em> said Fowler in a prepared statement. <em>\u201cHFF had previously represented the seller on the senior financing and was able to negotiate the provision to allow mezzanine financing.\u201d<\/em><\/p>\n<h2>Full-service property<\/h2>\n<p>Located at 1985 E. Grand Ave. on 2.3 acres in El Segundo, Calif., the seven-story property underwent a complete reconfiguration in 2016, which included upgrades to the first-floor public areas and guestrooms.\u00a0Property amenities of the only full-service hotel in El Segundo include:<\/p>\n<ul>\n<li>junior Olympic-sized, heated outdoor pool<\/li>\n<li>3,238 square feet of indoor meeting space<\/li>\n<li>625 square feet of poolside outdoor space<\/li>\n<li>fitness center<\/li>\n<li>24-hour business center<\/li>\n<li>restaurant<\/li>\n<\/ul>\n<p>The asset is situated in the South Bay office submarket near interstates 105 and 405 and is surrounded by more than 33 million square feet of office space.<\/p>\n<p><em>Image courtesy of DoubleTree by Hilton Hotel LAX &#8211; El Segundo<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Umbrella Hotel Group purchased the 216-key hotel in El Segundo, Calif. HFF marketed the property on behalf of the seller and secured a mezzanine loan for the buyer.<\/p>\n","protected":false},"author":960,"featured_media":1004507752,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21751,21783,1594,21742,15],"tags":[35465,35397,32792,32805,37242,37244],"class_list":["post-1004187320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-hotel","category-investment","category-los-angeles","category-latest","category-west","tag-argosy-real-estate-partners","tag-evolution-hospitality","tag-hff","tag-hilton","tag-umbrella-hotel-group","tag-washington-holdings"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HFF Closes LAX Doubletree Sale and Financing - 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\/hff-closes-lax-doubletree-sale-and-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HFF Closes LAX Doubletree Sale and Financing\" \/>\n<meta property=\"og:description\" content=\"Umbrella Hotel Group purchased the 216-key hotel in El Segundo, Calif. HFF marketed the property on behalf of the seller and secured a mezzanine loan for the buyer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/\" \/>\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=\"2017-08-17T14:04:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:42:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1548\" \/>\n\t<meta property=\"og:image:height\" content=\"681\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ariela Moraru\" \/>\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\/hff-closes-lax-doubletree-sale-and-financing\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/\",\"name\":\"HFF Closes LAX Doubletree Sale and Financing - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo.jpg\",\"datePublished\":\"2017-08-17T14:04:03+00:00\",\"dateModified\":\"2022-12-08T19:42:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/411d261c513cee4c8ccbfb27f5380e0b\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo.jpg\",\"width\":1548,\"height\":681},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"HFF Closes LAX Doubletree Sale and Financing\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/411d261c513cee4c8ccbfb27f5380e0b\",\"name\":\"Ariela Moraru\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/50a2863a38369b06ef902c16d4a7c3bf3ce567e81cfabaff06b53b4bf311e954?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/50a2863a38369b06ef902c16d4a7c3bf3ce567e81cfabaff06b53b4bf311e954?s=96&d=mm&r=g\",\"caption\":\"Ariela Moraru\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/arielamoraru\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"HFF Closes LAX Doubletree Sale and Financing - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/","og_locale":"en_US","og_type":"article","og_title":"HFF Closes LAX Doubletree Sale and Financing","og_description":"Umbrella Hotel Group purchased the 216-key hotel in El Segundo, Calif. HFF marketed the property on behalf of the seller and secured a mezzanine loan for the buyer.","og_url":"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-08-17T14:04:03+00:00","article_modified_time":"2022-12-08T19:42:06+00:00","og_image":[{"width":1548,"height":681,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo.jpg","type":"image\/jpeg"}],"author":"Ariela Moraru","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/","url":"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/","name":"HFF Closes LAX Doubletree Sale and Financing - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo.jpg","datePublished":"2017-08-17T14:04:03+00:00","dateModified":"2022-12-08T19:42:06+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/411d261c513cee4c8ccbfb27f5380e0b"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo.jpg","width":1548,"height":681},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/hff-closes-lax-doubletree-sale-and-financing\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"HFF Closes LAX Doubletree Sale and Financing"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/411d261c513cee4c8ccbfb27f5380e0b","name":"Ariela Moraru","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/50a2863a38369b06ef902c16d4a7c3bf3ce567e81cfabaff06b53b4bf311e954?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/50a2863a38369b06ef902c16d4a7c3bf3ce567e81cfabaff06b53b4bf311e954?s=96&d=mm&r=g","caption":"Ariela Moraru"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/arielamoraru\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/DoubleTree-by-Hilton-Hotel-LAX-El-Segundo.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004187320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/960"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004187320"}],"version-history":[{"count":3,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004187320\/revisions"}],"predecessor-version":[{"id":1004187495,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004187320\/revisions\/1004187495"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004507752"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004187320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004187320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004187320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}