Westin Bonaventure Hotel sale looks possible; insiders say sale documents may be OKd soon.

The Westin Bonaventure Hotel and Suites, Los Angeles County's largest hotel, may be close to being sold, according to several local industry sources.

The sources, some of whom are involved in the possible sale of the property, said an offer of $60 million for the property is being negotiated by the owner and potential buyer.

One source said wording on a sales contract is being worked out by the two parties.

The landmark downtown Los Angeles hotel, with 1,300 rooms, has been up for sale for several months but sources said the current proposal is the closest the property has come to being sold.

The hotel is owned by New York-based Equitable Life Assurance Society of the United States, and the possible buyer is described by sources as a United States-based pension fund. The sources said the pension fund is operated by a workers' union.

Comment not forthcoming

Terry Miller, a spokesman for Equitable in New York, said he had no comment on the possible sale of the hotel. "It is company policy that we don't comment on transactions until there is a transaction."

Officials at the Century City office of Eastdil Realty Inc., the company that is marketing the hotel, also declined to comment.

A spokeswoman for the hotel, located on South Figueroa Street, said General Manager Naveen Ahuja did not have any information on the possible sale.

The local industry sources said it is unlikely a possible deal to sell the hotel will be completed within the next couple of weeks. They said if a deal is completed, it will likely occur no earlier than late next month.

The sources, none of whom wanted to be identified, said they were surprised that a possible domestic buyer has emerged for the property. "Everyone was thinking that someone from Asia would end up with the hotel," said one source in the real estate industry.

The sources also said the $60 million figure is higher than most hotel and real estate people thought would be offered for the property.

However, in November when there was a published report that the hotel was for sale, most experts said the property would most likely fetch between $60 million and $75 million.

The hotel, a landmark because of its five glass towers, was build in 1977 at a cost of more than $100 million. By 1988, its assessed value had risen to $293.6 million.

In 1988, the hotel was also up for sale by its then owner, a limited partnership that included a group of individual investors and two corporate entities.

In November 1991, the owners put the hotel in Chapter 11 bankruptcy when the primary lender, Equitable Life, threatened to foreclose.

In the fall of 1992, the hotel came out of bankruptcy and under its reorganization plan, the ownership was taken over by Equitable.

Last year Equitable spent $3.5 million on a renovation of the hotel, which is a prime meeting location for downtown businesses, as well as a convention facility.

The property attracts both leisure and business travelers from the U.S. and abroad.