• Mon. Dec 5th, 2022

Stockdale Cash Buys Santa Monica Marriott

Stockdale reported it will update the graphic of Le Merigot.

Westwood-based mostly Stockdale Capital Partners has procured the JW Marriott Santa Monica Le Merigot lodge from Columbia Sussex Corp. for an undisclosed sum.
The sale shut on May well 11.

Positioned at 1740 Ocean Ave., the 175-place hotel is just one of only 4 beachfront hotels in Santa Monica, according to Stockdale Funds.

It is walking length to the Santa Monica Pier and 3rd Avenue Promenade.

“Le Merigot delivers unparalleled entry to the California shoreline, best-tier services, and numerous wonderful facilities to serve company travelers and holidaymakers alike,” Bill Doak, handling director of hospitality for Stockdale Cash Companions, mentioned in a assertion. “Stockdale Cash Associates will continue on to enthusiastically search for out acquisition prospects in markets with historically strong fundamentals the place our vertically integrated crew can incorporate benefit in top belongings to peak general performance.”

The 6-tale hotel’s features include things like 11 indoor and out of doors celebration spaces, a entire-assistance restaurant, a patio lounge, 24-hour in-area eating, an out of doors pool with a spa terrace, the Spa Le Merigot, a health and fitness centre and a small business center.

“The solid appeal of Santa Monica presents us with a terrific chance to leverage the strong working legacy of Le Merigot with an current graphic and product improvement to elevate effectiveness coming out of this challenging period of time,” Doak said in a assertion.  

The Covid-19 pandemic challenged lodges and the hospitality market. Product sales have been down nationwide in 2020, but California basically saw an maximize in the number of hotels marketed, in accordance to a report from Atlas Hospitality Team.Gross sales were being down 52{108b30f3c06264e1328e4bfc86b32bcda3f89fafc9334ae3e7f22518df671a2e} nationally but rose .3{108b30f3c06264e1328e4bfc86b32bcda3f89fafc9334ae3e7f22518df671a2e} in California. The Golden State accounted for 28{108b30f3c06264e1328e4bfc86b32bcda3f89fafc9334ae3e7f22518df671a2e} of all U.S. lodge sales in 2020.

Despite the uptick in amount of lodges marketed, dollar volume reduced 46{108b30f3c06264e1328e4bfc86b32bcda3f89fafc9334ae3e7f22518df671a2e}, the largest drop since 2009, according to Atlas Hospitality.

One of the premier lodge profits in L.A. last year was not much from the JW Marriott Santa Monica Le Merigot. Downtown-centered BLVD Hospitality, World-wide Mutual and ESI Ventures ordered the iconic Georgian Lodge at 1415 Ocean Ave. in Santa Monica for $62 million.

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