The Carlyle Group has announced that it acquired the Radisson Los Angeles Westside from the original developers of the 368-room hotel in an off-market transaction. In conjunction with the acquisition, Carlyle retained Davidson Hotel Company, one of the nations largest full-service, independent hotel operators, to operate the hotel. In addition, Davidson will oversee a $3.5 million renovation of the propertys guest rooms and meeting space. Financial terms were not released.
This property is in excellent physical condition, having undergone a major, multi-million dollar renovation over the past 18 months, and this additional investment will complete the final phase of the make-over, said John A. Belden, Davidsons president and chief executive officer. During this last phase, we will install Radissons bedding system, including their exclusive Sleep Number bed, which will wrap up the guest rooms renovation. We also will upgrade the hotels more than 20,000 square feet of meeting and conference center space, creating top choice accommodations for meeting planners. This final stage of the renovation will begin this summer and be completed by year end with no perceptible disruption to guests.
We have a strong working relationship with Davidson, which currently manages hotels for us in Coral Gables, Florida and Austin, Texas, and will be managing the Westin Annapolis in Maryland upon its opening in 2007, said Paul Brady, Managing Director of The Carlyle Group. They have established a track record of significantly improving operating results and the value of our assets. We are excited to acquire this asset given its location on the Westside of Los Angeles and its proximity to the Howard Hughes Center, the Playa Vista residential and commercial development and the other nearby commercial demand generators.
Located at 6161 West Centinela Avenue, Culver City, the property is three miles north of Los Angeles International Airport and less than three miles from southern California beaches. The propertys central location is easily accessible to nearby attractions such as The Howard Hughes Center, Loyola Marymount University, Marina del Rey, The Getty Museum, Universal Studios, Disneyland, Six Flags Magic Mountain, the Staples Center and other popular locations.
The Radisson Hotel Los Angeles Westside features a heated swimming pool, whirlpool and full-service fitness center. Maxis Grill provides all-day dining, and Culvers Clubhouse offers a more informal dining option featuring 12 television screens, a pool table and a jukebox. The hotels meeting and conference capabilities include space to accommodate groups from 10 to 500 people. The meeting facilities feature state-of-the-art technology, including videoconference and complimentary high-speed Internet access in guest and meeting rooms.
Source: The Carlyle Group