"Pebblebrook Hotel Trust was shopping the Montrose hotel, but after tourism fell off a cliff, revenues flatlined and costs skyrocketed, the appeal was not obvious."
"The chic WeHo hotel found a new owner in December, selling for more than $44 million, or about $333,000 per key, a bargain compared to other local sales."
"Daniel Negari, the buyer, has made a name for himself in both digital and physical real estate, considering them part of a unified business model."
"Negari stated, 'I build platforms and I buy and improve assets,' emphasizing long-term ownership and execution in his investment strategy."
The Montrose hotel in West Hollywood was sold for more than $44 million despite a challenging market for Los Angeles hoteliers. Pebblebrook Hotel Trust faced declining tourism and rising costs, leading to a decision to sell. The buyer, Daniel Negari, is a high-net-worth individual with a history of investing in both digital and physical real estate. He believes in the long-term potential of Los Angeles, viewing real and digital assets as part of a unified business strategy focused on ownership and improvement.
Read at therealdeal.com
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