ALLUINN has an immediate value added acquisition that is below replacement cost, and is currently cash flowing. ALLUINN is actively seeking a joint venture partner for this project. (Delete this line) This adaptive reuse vacant office building is to be converted into a new 272 key Themed Hotel at LAX inspired by the birth of the jet set age… evoking a time when travel was glamorous. The hotel comes complete with Presidential Suites, Penthouse Suites, and Suites located at each corner of the building all providing unparalleled views of LAX. The Control Tower rooftop lounge will evoke the LA groove of a bygone era and is the signature element in this soon to be a trophy asset.
The property is in an adaptive reuse zone for commercial, and a change of use from office to hotel is permitted under that zoning. It will take approximately 12-14 months for The Sponsor/Development Team to obtain all entitlement and permits for construction. Construction will commence shortly thereafter and it is anticipated to take approximately 14-16 months to completion and hotel opening.
The hotel is located in the 2nd largest metropolitan area adjacent to Los Angeles International Airport. LAX moves 85 million passengers annually and due to proximity, the LAX hotel market enjoys nearly 90% annualized occupancy. This asset is well positioned as the closest hotel to the New Planned Terminal Zero at LAX, thus having the potential to provide significant upside value for investors. The Sponsors have already obtained an acquisition financing commitment of 75% LTC from a relationship lender. Sponsors have also obtained hotel management and branding from Interstate Hotels and Resorts and aligned under the INTRIGUE Hotels & Resorts.
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