LOS ANGELES—Holliday Fenoglio Fowler LP (HFF) has closed the sale of and secured mezzanine financing for the DoubleTree by Hilton Hotel LAX-El Segundo, a 216-room, full-service hotel located at 1985 East Grand Ave. near Los Angeles International Airport.
Umbrella Hotel Group purchased the hotel and was assisted in the sourcing, underwriting and loan assumption by Twenty Four Seven Hotels.
HFF marketed the property on behalf of the seller, a joint venture between Argosy Real Estate Partners and Evolution Hospitality. Additionally, working on behalf of the new owner, HFF arranged a mezzanine loan with Washington Holdings for a term just under seven years to match the existing senior loan. HFF arranged the senior loan for the seller in a previous transaction.
The seven-story DoubleTree by Hilton Hotel LAX-El Segundo completed renovations in 2016 that consisted of a complete reconfiguration and enhancement of first-floor public areas and guestroom upgrades. The property features a heated outdoor pool; 3,238 sq. ft. of indoor meeting space and 625 sq. ft. of poolside outdoor space; new fitness center; 24-hour business center; snack shop; airport shuttle; printing service and East Grand Bar & Grille restaurant.
Managing Directors Tony Malk and Scott Hall led the HFF investment sales team representing the seller. Senior Managing Director James Fowler led the HFF debt placement team representing the borrower.