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Holiday Inn Long Beach Airport Gets New Owner |
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Jones Lang LaSalle Hotels has arranged the sale of the Holiday Inn Long Beach Airport to Hilba Star, L.P. lead by Harry Wu and his partners, who also own the Doubletree-LAX and The Argyle Hotel. |
The Holiday Inn Long Beach Airport is part of a four-property West-Coast Holiday Inn hotel portfolio that includes the Holiday Inn Santa Monica, the Holiday Inn LAX Airport and the Holiday Inn Seattle Airport, also being marketed by Jones Lang LaSalle Hotels. The property was sold on behalf of investment group NAHOP Partners.
“Despite recent hospitality market challenges, the Holiday Inn Long Beach Airport has posted solid results,” notes John Strauss, Vice President of Jones Lang LaSalle Hotels, who spearheaded the transaction. “This can be credited to its strong regional airport and local, defense-related corporate demand.”
The 234-room Holiday Inn Long Beach Airport is well positioned between Los Angeles and Orange County, off the 405 Freeway. It contains approximately 11,000 square feet of meeting space and is proximate to the Long Beach airport, now Jet Blue’s West Coast hub.
“As evidenced by its over 70 percent occupancy, the Long Beach hotel market is relatively well insulated from a downturn in any one segment of market demand because of the diversity in demand generators,” includes Arthur Buser, Managing Director and Head of West Coast Operations for Jones Lang LaSalle Hotels. “Accordingly, hotel investment in Long Beach is highly sought by the hotel investment community.”
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