Century Plaza Hotel sold for $366.5 million
The landmark hotel is bought by Next Century Associates, whose leader calls the building "a jewel in my hometown."
The Century Plaza Hotel & Spa, a 1960s-era landmark in Century City that has played host to several U.S. presidents, has been sold for $366.5 million.
Next Century Associates, led Los Angeles real estate investor Michael Rosenfeld, announced today that it bought the 726-room hotel on Avenue of the Stars from Sunstone Hotel Investors Inc., a real estate investment trust in San Clemente.
The arc-shaped, 19-story structure was built in 1966 as the centerpiece of Century City, an office, retail and residential development carved out of the former back lot of the 20th Century Fox film studio.
"This is a rare opportunity to buy a jewel in my hometown," said Rosenfeld, founder and CEO of Century City-based Woodridge Capital Partners and managing partner of Next Century, which also includes New York investment firm D.E. Shaw group.
The Century Plaza, which will continue to operate as a Hyatt Regency "is an iconic building in a fantastic location," said hotel industry consultant Alan Reay of Atlas Hospitality.
The sale price of $505,000 per room is high -- but not a record, Reay said. An interest in the Hotel Del Coronado in Coronado went for more than $1 million per room in 2005. The Langham Huntington Hotel & Spa in Pasadena -- formerly a Ritz-Carlton hotel -- sold earlier this year for $434,000 per room.
