LA's 10th-largest hotel sold to New York investors
1Rubicon Cos., a private Greenwich, Connecticut, real-estate investment firm, has acquired the 640-room Hacienda Hotel in Los Angeles near the airport for a reported US$26.9 million.
Rubicon Founder Marc Gordon told the Wall Street Journal that he plans to bring in a major brand to operate the area?s 10th-largest hotel, owned and operated by a private family for the past 40 years.
“The Hacienda represents the kind of special situation that Rubicon focuses on, where we can bring both capital and our skill sets to create value for our investors,” Gordon?said. “Previously, the management team operated only this hotel, so initially we will focus on updating management standards and systems to improve our overall guest experience. In the future, we will renovate and reposition the hotel to create an even better experience for our guests while delivering attractive returns for our investors.”
The hotel located in the El Segundo basin features more than 25,000 sq ft (2,323 sq m) of flexible meeting and banquet space, restaurants and bars and a heated pool and spa.