Sale of Wingate by Wyndham Near LAX Overcomes Market Hurdles
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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).