Las Vegas Element sold to Pacifica Cos.

Element Las Vegas

The 123-room Element Hotel as acquired by Pacifica Cos., a San Diego investment firm.

The hotel was originally developed by Seller LaPour Partners in 2008 as a companion location to the Nevada Cancer Institute, which closed in 2013.

LaPour Partners President Jeff LaPour said the property is the company's highest-performing hotel in its 19-property portfolio, which includes hotels in Aspen, Colo.; Baltimore; Houston; Miami; and Boston.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

“The market is recovering and it’s the right time for us to realize the value,” LaPour said. “Pacifica is getting a great asset with a strong future.”

Maxim Hotel Brokerage of Newport Beach, Calif., represented LaPour Partners.

Suggested Articles

The sales included that of the 503-room Hilton São Paulo Morumbi, the real estate investment trust’s last international property.

After disbursing 50 years' worth of hotel assets, the company is focused on worldwide growth in the luxury sector.

Co-living brand The Collective has agreed a new £140m financing package from Deutsche Bank and GCP Asset Backed Income Fund.