Checking out.

PR Properties Inc. has struck a deal to sell the 294-room Mayfair 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 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."

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 Baltin, a senior vice president at hospitality tracking firm PKF 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 [phone], ext. 263, or by e-mail at [e-mail].