Harp Acquires Doubletree Los Angeles Airport for $30.5 mil
CHICAGO, IL, February 16, 2006. The Harp Group, a Chicago-based real estate investment and development company specializing in hospitality and retail projects, announced today that it has acquired the Doubletree Hotel Los Angeles International Airport in El Segundo, Calif. for a purchase price of $30.5 mil. Colliers International Hotels' Irvine and San Francisco offices brokered the deal. The 215-room hotel with 4,500 square feet of meeting space will retain the Doubletree flag and be managed by Portfolio Hotels & Resorts based in Chicago.
Located less than two miles from Los Angeles International Airport at 1985 East Grand Avenue, the Doubletree Hotel Los Angeles International Airport is a full-service hotel providing convenient access to Los Angeles area attractions, destinations, beaches and business districts.
"We are pleased to add the Doubletree Hotel at LAX to our hotel portfolio," said Peter G. Dumon, president of The Harp Group. "We hope that this is the first of several acquisitions in the area as The Harp Group is actively seeking additional hotel assets in the southern California region. We are looking to purchase both stabilized assets as well as repositioning opportunities."
Business and leisure travelers alike will enjoy the contemporary California-style hotel with its spacious guestrooms featuring the signature Sweet Dreams Bed by Doubletree, wireless high-speed Internet access, business center, Roxii Restaurant & Bar, fitness center, heated outdoor pool and complimentary airport shuttle. The hotel's flexible meeting and banquet space can accommodate groups up to 160 with private meeting suites available for smaller conferences.
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