The 215-room DoubleTree LAX in El Segundo, Calif., has closed on a new-equity recapitalization that has brought in two new owners. A joint venture between Argosy Real Estate,Evolution Hospitality L.L.C., and Stonecreek Properties purchased the property for an undisclosed amount.
The acquisiiton was arranged by HFF. A 10-year, fixed-rate acquisition loan was made by The Bancorp Bank.
The seller was S.C. Harp El Segundo L.L.C..
The DoubleTree LAX is at 1985 E. Grand Ave., just off the Pacific Coast Highway, two miles from Los Angeles International Airport in El Segundo’s central business district. The hotel fhas 4,500 square feet of meeting space, a 24-hour business center, junior Olympic-sized heated outdoor pool, hot tub, fitness center and gift shop.
The HFF team that handled the recapitalization was led by senior managing director Bill Stadler and by Bourret.