Alon Abady’s 5th Gear III Acquires 295 Key Sofitel Beverly Hills For Around US$96m
Main Photo: The Sofitel Los Angeles
Date: October 2021
Name: The Sofitel Los Angeles at Beverly Hills
Location: Beverly Boulevard, Los Angeles, California, USA
Number of Keys: 295
Seller: Chicago-based GEM Realty
Buyer: Alon Abady’s 5th Gear III
Alon Abady has been revealed as the buyer of the Sofitel Los Angeles at Beverly Hills. Through this vehicle, Abady has bought both ground and leasehold interest of the property from GEM Realty and two separate family investors according to The Real Deal. Accor will continue to manage the hotel.
The sale price was not disclosed but we understand Abady paid $44m for the leasehold interest and $52m for the land. TPG Real Estate Finance arranged the senior debt for the acquisition.
Abady also is the managing partner at investment firm Waterfall Bridge Capital, based in Beverly Hills. He owns a number of retail and commercial properties across Los Angeles and purchased a 9,600 sqf home in Beverly Hills for $25m from music producer and TV star, Simon Cowell.
The company’s current portfolio includes properties in Israel and across the United States.
The Sofitel sale is one of the largest hotel deals in Los Angeles this year. The JW Marriott Le Merigot, Santa Monica and the Los Angeles Hyatt Regency were previously the highest, each selling for $75m.
Price: Around $96m
Price per Key: $325,423
THPT Comment: In the scheme of things a good price for this well located Sofitel.
First Seen: The Real Deal
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