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.
“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.