{"id":1004271977,"date":"2018-10-16T03:02:50","date_gmt":"2018-10-16T11:02:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004271977"},"modified":"2022-12-06T08:11:54","modified_gmt":"2022-12-06T16:11:54","slug":"woodbine-legacy-investments-pays-152m-for-la-hilton-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/woodbine-legacy-investments-pays-152m-for-la-hilton-hotel\/","title":{"rendered":"Woodbine Legacy Investments Pays $152M for LA DoubleTree Hotel"},"content":{"rendered":"<p>By Scott Baltic<\/p>\n<div id=\"attachment_1004271983\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/DoubleTree-by-Hilton-Hotel-Los-Angeles-Westside.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004271983\" data-attachment-id=\"1004271983\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/woodbine-legacy-investments-pays-152m-for-la-hilton-hotel\/doubletree-by-hilton-hotel-los-angeles-westside\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/DoubleTree-by-Hilton-Hotel-Los-Angeles-Westside.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&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 Los Angeles &#8211; Westside\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;DoubleTree by Hilton Hotel Los Angeles &#8211; Westside&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/DoubleTree-by-Hilton-Hotel-Los-Angeles-Westside.jpg?w=800\" class=\"wp-image-1004271983 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/DoubleTree-by-Hilton-Hotel-Los-Angeles-Westside.jpg\" alt=\"DoubleTree by Hilton Hotel Los Angeles - Westside\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/DoubleTree-by-Hilton-Hotel-Los-Angeles-Westside.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/DoubleTree-by-Hilton-Hotel-Los-Angeles-Westside.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/DoubleTree-by-Hilton-Hotel-Los-Angeles-Westside.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004271983\" class=\"wp-caption-text\">DoubleTree by Hilton Hotel Los Angeles &#8211; Westside<\/p><\/div>\n<p>Woodbine Legacy Investments\u2014a private real estate fund created and managed by Woodbine Development Corp.\u2014has purchased DoubleTree by Hilton Hotel Los Angeles &#8211; Westside, in Culver City, Calif., from The Carlyle Group. The $151.5 million price tag also included an adjacent 2.2-acre development parcel that\u2019s entitled for 300,000 square feet of office space.&nbsp;Interbank provided the acquisition financing. Eastdil Secured brokered the transaction.<\/p>\n<p>The 375-key property is located at&nbsp;6161 W. Centinela Ave., close to Manhattan Beach, Marina Del Rey, the Santa Monica beaches, Los Angeles International Airport and the new Los Angeles Stadium and Entertainment District. The area, commonly referred to as Silicon Beach, has recently seen an influx of technology companies and startups, among them Facebook, Apple and Google.<\/p>\n<p>Woodbine reportedly plans to undertake a $35 million renovation of the hotel, to begin in early 2019, and to eventually reflag it. The development of the adjacent 2.2-acre parcel is anticipated to start later next year.&nbsp;<\/p>\n<p>The renovation will include all public spaces, the facade and landscaping, and 25,000 square feet of meeting space to reflect the surrounding fast-growing, tech-oriented neighborhood. In addition, all guestrooms and guest baths will be outfitted with new furnishings, surfaces, lighting and d\u00e9cor. Amenities, such as the fitness center, pool, Share Bistro and Share Wine Lounge, will also be upgraded.<\/p>\n<h2>A long pursuit<\/h2>\n<p>The DoubleTree LA &#8211; Westside first caught Woodbine\u2019s eye when the company opened its Los Angeles office in 2011. At that time, according to a prepared statement, the hotel was \u201c<em>an unremarkable airport hotel<\/em>,\u201d though it had an exceptional location.<\/p>\n<p>Over the years, Dupree Scovell, Woodbine\u2019s and WLI\u2019s LA-based managing partner &amp; chief investment officer, kept an eye on the hotel, watching for redevelopment to enhance the areas around it.<\/p>\n<p>Woodbine tried to purchase the property in 2016, but due diligence around entitlements reportedly took the deal off the table. But another opportunity arose earlier this year, and this time Woodbine was successful. \u201c<em>This is a case where it paid to be patient<\/em>,\u201d Scovell said.<\/p>\n<h2>A few too many deliveries&nbsp;<\/h2>\n<p>Taken as a whole, the Los Angeles County hotel market has seen strong growth over the last several years and in fact hit a record 48.5 million visitors in 2017, according to HVS. Average occupancy reached 80 percent in 2017, down about 1 percent from the prior year, mostly because of new supply, a trend that has continued in 2018. Market-wide, the ADR was roughly $176 in 2017, or about $5 higher than the prior year, resulting in peak RevPAR of roughly $141.<\/p>\n<p>In May, the DoubleTree by Hilton Hotel in LA\u2019s Marina del Rey submarket, dubbed the Hotel MdR, was <a href=\"https:\/\/www.commercialsearch.com\/news\/lr-enters-u-s-hotel-market\/\">purchased by London &amp; Regional Properties<\/a>, of London. The 283-key property was L&amp;R\u2019s first purchase in the United States.<\/p>\n<p><em>Image courtesy of&nbsp;Woodbine Legacy Investments<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new owner plans to spend as much as $35 million in renovations. The deal includes an adjacent site slated for office development.<\/p>\n","protected":false},"author":882,"featured_media":1004271983,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,1594,21742,15],"tags":[33366,33101,34816,36109,34785],"class_list":["post-1004271977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-los-angeles","category-latest","category-west","tag-doubletree-by-hilton-hotel","tag-eastdil-secured","tag-hvs-global-hospitality-services","tag-the-carlyle-group","tag-woodbine-development-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Woodbine Legacy Investments Pays $152M for LA DoubleTree 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\/woodbine-legacy-investments-pays-152m-for-la-hilton-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Woodbine Legacy Investments Pays $152M for LA DoubleTree Hotel\" \/>\n<meta property=\"og:description\" content=\"The new owner plans to spend as much as $35 million in renovations. The deal includes an adjacent site slated for office development.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/woodbine-legacy-investments-pays-152m-for-la-hilton-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=\"2018-10-16T11:02:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T16:11:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/DoubleTree-by-Hilton-Hotel-Los-Angeles-Westside.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/woodbine-legacy-investments-pays-152m-for-la-hilton-hotel\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/woodbine-legacy-investments-pays-152m-for-la-hilton-hotel\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Woodbine Legacy Investments Pays $152M for LA DoubleTree Hotel\",\"datePublished\":\"2018-10-16T11:02:50+00:00\",\"dateModified\":\"2022-12-06T16:11:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/woodbine-legacy-investments-pays-152m-for-la-hilton-hotel\\\/\"},\"wordCount\":489,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/woodbine-legacy-investments-pays-152m-for-la-hilton-hotel\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/10\\\/DoubleTree-by-Hilton-Hotel-Los-Angeles-Westside.jpg\",\"keywords\":[\"DoubleTree by Hilton Hotel\",\"Eastdil Secured\",\"HVS Global Hospitality Services\",\"The Carlyle Group\",\"Woodbine Development Corporation\"],\"articleSection\":[\"Deals\",\"Featured\",\"Hotel\",\"Los Angeles\",\"News\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/woodbine-legacy-investments-pays-152m-for-la-hilton-hotel\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/woodbine-legacy-investments-pays-152m-for-la-hilton-hotel\\\/\",\"name\":\"Woodbine Legacy Investments Pays $152M for LA DoubleTree Hotel - 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