Connect with us

Entertainment

Related companies buy Godfrey Hotel Hollywood from Oxford and Goldman Sachs

Related companies buy Godfrey Hotel Hollywood from Oxford and Goldman Sachs

 


Related Company CEO Jeff Blau and Justin Metz of Related with the Godfrey Hotel Hollywood (Getty, Related, GodfreyHotelHollywood.com, iStock)
Related Company CEO Jeff Blau and Justin Metz of Related with the Godfrey Hotel Hollywood (Getty, Related, GodfreyHotelHollywood.com, iStock)

UPDATE, June 30, 2022, 1:27 p.m.: The fund management subsidiary of Related Companies has spent about $115 million to buy a stake in a new hotel in Hollywood, The real deal has learned.

Ownership of the 220-key Godfrey Hotel Hollywood was transferred to an entity related to Related Fund Management in New York for about $522,700 per key as part of a recapitalization effort, according to public ownership filings last week. with Los Angeles County. Justin Metz, general manager of the subsidiary, was a signatory of this entity.

The company also secured a $76.5 million loan from an AllianceBernstein fund as part of the deal for the property, located at 1400 North Cahuenga Boulevard, records show. Related declined to comment.

Chicago-based developer Oxford Capital Group, affiliated with Oxford Hotels and Resorts, has sold stakes in the property, after working on its development for years. The project was a joint venture between Oxford and Goldman Sachs. Oxford will continue to hold a stake in the property, although Goldman has pulled out completely, a source familiar with the deal said. The real deal.

The company bought the hotel site for $16.5 million in 2016 and opened the property last year. The hotel is one of four Godfrey-branded hotels across the country, the others being in Boston, Chicago and Tampa.

Despite the pandemic’s effect on occupancy rates, investors have continued to pump money into California hotels, with the past year setting new records for the asset class. Investors spent a total of $9.9 billion on hotels in California in 2021, with 510 hotels traded, according to hotel brokerage Atlas Hospitality Group. The previous record was set in 2014, when around 400 hotels were sold.

Related follows suit, with the new acquisition, Related adds to its bets on the recovery of the hotel sector in Los Angeles

Next month, the company plans to open its billion-dollar hotel, residential and commercial project called the Grand LA. The project, designed by Frank Gehry, will include the 28-story Conrad Hotel and an adjacent 45-story apartment tower.

Sources

1/ https://Google.com/

2/ https://therealdeal.com/la/2022/06/30/related-ny-pays-115m-for-new-hollywood-hotel/

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]