{"id":1004378096,"date":"2019-12-23T02:00:50","date_gmt":"2019-12-23T10:00:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004378096"},"modified":"2019-12-23T07:42:19","modified_gmt":"2019-12-23T15:42:19","slug":"ace-hotel-downtown-la-sells-for-117m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ace-hotel-downtown-la-sells-for-117m\/","title":{"rendered":"Ace Hotel Downtown LA Sells for $117M"},"content":{"rendered":"
\"\"<\/a>

Image via Pixabay.com<\/em><\/p><\/div>\n

Park Hotels & Resorts has sold the 182-key Ace Hotel Downtown Los Angeles for $117 million to an undisclosed buyer. The proceeds from the transaction will be used to help repay a portion of the company\u2019s debt and reduce leverage after the recent acquisition of Chesapeake Lodging Trust, according to Park Chairman & CEO Thomas Baltimore Jr.<\/p>\n

Located at 929 S. Broadway, the building was first built in 1927 as a film studio backed by film stars like Mary Pickford, Douglas Fairbanks, Charlie Chaplin and DW Griffith. The use of the theater building shifted towards a Spanish movie house before being designated as a church that was used as a broadcasting site for televangelist Gene Scott. The historic property became a hotel officially in early 2014 and was then purchased by Park Hotels & Resorts from Greenfield Partners for $103 million, according to a report by the Los Angeles Times<\/em><\/a>.<\/p>\n

Rebalancing act<\/h2>\n

In May, Park signed an agreement to acquire Chesapeake Lodging Trust, another hotel REIT with 20 hotels in eight states and Washington, D.C. The deal was valued at $2.7 billion and would see Park grow its portfolio to 66 hotel assets totaling more than 35,000 keys throughout 17 states and Washington, D.C. In September, Park announced it had secured a $950 loan from Bank of America<\/a> for financing the purchase.<\/p>\n

As part of the major acquisition, Park would sell off non-core assets and did just that in June when it dropped three hotels from its portfolio in Atlanta, New Orleans and Parsippany, N.J., for $166 million. Ace Hotel Downtown Los Angeles represents their 20th sale of a non-core asset, according to Baltimore Jr. The company chair added that Park has sold $1 billion in non-core assets since forming less than three years ago.<\/p>\n

Looking forward, Baltimore Jr. said they\u2019ll continue to focus on their near-term goals of improving the quality of their portfolio while maintaining a low-levered balance sheet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Park Hotels & Resorts sold the asset to pay down debt from its recent acquisition of Chesapeake Lodging Trust. <\/p>\n","protected":false},"author":883,"featured_media":1004378099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21751,21783,1594,21742,15],"tags":[38230,36272,33363],"class_list":["post-1004378096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-hotel","category-investment","category-los-angeles","category-latest","category-west","tag-chesapeake-lodging-trust","tag-park-hotels-and-resorts","tag-thomas-baltimore"],"acf":[],"yoast_head":"\nAce Hotel Downtown LA Sells for $117M - 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\/ace-hotel-downtown-la-sells-for-117m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ace Hotel Downtown LA Sells for $117M\" \/>\n<meta property=\"og:description\" content=\"Park Hotels & Resorts sold the asset to pay down debt from its recent acquisition of Chesapeake Lodging Trust.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ace-hotel-downtown-la-sells-for-117m\/\" \/>\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=\"2019-12-23T10:00:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-23T15:42:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/hotel-1330850_1920.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=\"Jackson Chen\" \/>\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\/ace-hotel-downtown-la-sells-for-117m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ace-hotel-downtown-la-sells-for-117m\/\",\"name\":\"Ace Hotel Downtown LA Sells for $117M - 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