Checking out.PR Properties Inc. has struck a deal to sell the 294-room Mayfair May·fair A fashionable district in the West End of London, England. It was named after an annual fair held in the district until 1708. Best Western hotel at 1256 W. Seventh St. for about $15.5 million. The buyer, L.A. Property Investment & Management Group, has plans to convert the hotel, on the west side of the Harbor (110) Freeway opposite downtown, into condominiums, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the firm's broker, Richard Ehmer, director of national hospitality group of Marcus & Millichap. "I do believe in the long run, because of economic conditions, they may go condo with the building," he said. "That area seems to be pretty hot for condo conversions Generally stated, a condo conversion is a process of entitling an income property or other lands currently held under one title to convert from sole ownership of the entire property (which often already is a multi unit property) into individual for sale units. ." While the purchase price works out to about $52,000 per room--in line with other recent hotel transactions--the area just west of downtown has been soft for hotels, according to Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Baltin, a senior vice president at hospitality tracking firm PKF PKF Peace Keeping Force PKF Pannell Kerr Foster (accounting firm) PKF Park Falls, Wisconsin (Airport Code) Consulting. PR Properties was represented by Gregory Harris and Andrew Hodac in the Encino office of Marcus & Millichap. Staff reporter Andy Fixmer can be reached by phone at (323) 549-5225, ext. 263, or by e-mail at afixmer@labusinessjournal.com. |
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