Lee & Associates arranged the sale of a Wingate by Wyndham Hotel located at 10300 La Cienega Boulevard in Inglewood. The property, near Los Angeles International Airport, sold for $23,670,000 or $159,932 per key. 

A referral from Vanessa Herzog with the Lee & Associates Pacific Northwest office, Matt Orville, Marshal Vogt and Jaimeson Hearne of Lee & Associates Orange represented the seller. A family trust owned the hotel for 23 years and was looking to divest out of California. 

Based in Irvine, the buyer Greens, Inc., demonstrated deep brand relationships and financial viability. In the midst of launching escrow, the announcement of the regional bank failure hit the news, and a utility easement running through the center of the site, dating from 1945, was identified in the title report which prohibited any construction. Greens, Inc.’s due diligence team identified the company holding the easement and recorded a quitclaim within a month, a task that typically could take three to four months.

“This complex hospitality transaction is a testament to the market knowledge and expertise of the Lee & Associates agents that represented the parties in this transaction, as well as the intermarket cooperation and teamwork between our offices,” said Jeffrey Rinkov, CEO of Lee & Associates.