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Tricks and treats of 'Deceptive Practice'
Nice to see more deals being done. The landmark Century City property is being sold for $366.5 million. That translates to $505,000 a room, which is high but still shy of the numbers being asked a few years back. The buyer is an investment group led by Michael Rosenfeld (he's also CEO of Woodbridge Capital Partners, a real estate development firm). The seller is Sunstone Hotel Investors Inc., a real estate investment trust in San Clemente. No word yet on what Rosenfeld has in mind, but it's a good guess that this will not be a passive investment. (LAT)
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