LA’s Sunset Tower Hotel has new majority owner

US: The Sunset Tower Hotel in West Hollywood has a new majority owner.

US: The Sunset Tower Hotel in West Hollywood has a new majority owner.

Elevated Returns acquired an 80 per cent stake in the hotel from KKHG Sunset Tower LLC, an investment group headed by Peter Krulewitch. The stake is valued at around $75 million.

Hotelier Jeff Klein will retain his 20 per cent stake in the 81-key Art Deco property and will continue to manage the hotel, which opened in 1931.

Klein and Krulewitch bought the property in 2004 for $18.5 million.

Elevated Returns is led by Stephane De Baets, and also owns the St. Regis Resort in Aspen, and created the Chefs Club restaurants in Aspen and New York.

De Baets said: “This asset fits perfectly with our strategy to acquire unique, irreplaceable assets run by seasoned professionals. West Hollywood is booming and we are proud to have found a way into owning a substantial stake in the classiest asset on the Sunset Strip.”

Klein said: “I’ve been searching for the right partner for a while and am very lucky to have found someone who appreciates Sunset Tower’s unique pedigree. In addition to our collaboration on Sunset Tower, I’m also excited that I’ll have the opportunity to work with him on other projects in the future.”

www.sunsettowerhotel.com

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