The Residence Inn in Manhattan Beach has sold for $68 million.
Jones Lang LaSalle Inc. represented the seller, Washington Holdings, in the offloading of the 176-room property. Land and Houses USA Inc. purchased the asset.
Twenty Four Seven Hotels will manage the property.
“The addition of Residence Inn by Marriott Manhattan Beach to our portfolio continues the expansion of our management footprint throughout California, offering a model that’s flexible and fast on its feet with unparalled area operational expertise,” the company wrote in a LinkedIn post.
It’s been a difficult time for hotel sales. In California, sales volume fell by more than 56% year over year, according to data from Atlas Hospitality Group. The median price per room was down roughly 1% year over year statewide.
In Los Angeles County, hotel transactions declined 55% year over year and the total dollar volume spent decreased nearly 36% year over year, Atlas reported.
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