US: Braemar Hotels & Resorts has purchased the Mr. C Beverly Hills Hotel in Los Angeles for $65.4 million, along with five adjacent residences for $12.5 million.
The acquisition was funded with approximately $30 million of cash, 2.5 million OP units, 500,000 warrants at a strike price of $6, and a $30 million mortgage loan. RobertDouglas, a real estate advisory firm, assisted Braemar with the transaction.
Remington Hotels has signed an agreement to manage Mr. C Beverly Hills. It marks the thirteenth property in California and the second in the Los Angeles area for the company.
Jarrad Evans, chief investment officer at Remington Hotels, said: “As we continue to grow our portfolio of boutique, lifestyle and independent hotels throughout the United States, we are thrilled to add Mr. C Beverly Hills to our growing Remington family. We look forward to partnering with Braemer Hotels & Resorts on this acquisition.”
Richard Stockton, CEO of Braemar Hotels & Resorts, said: “We are delighted to have the opportunity to bring Remington in as our manager on this important acquisition. With a proven ability to deliver margin enhancement while driving top line growth, we believe they will be able to unlock this iconic property’s full potential.”
Located in West Lost Angeles, Mr. C Beverly Hills comprises 138 bedrooms, a full-service spa with outdoor pool area, a fitness centre, event spaces and dining venues.
News of the acquisition by Braemar was first announced in June 2021.
