Follow LA Observed on Twitter here
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)
More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAXSocal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the HomogenoceneOne last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing
New at LA Observed
On the Politics Page
Go to Politics
Sign up for daily email from LA Observed
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.