The Sheraton Delfina Santa Monica Hotel has been acquired for $102.8 million by a Maryland real estate investment trust.
Pebblebrook Hotel Trust said Monday that it bought the upscale 310-room hotel on Pico Boulevard and will spend an additional $9 million to refurbish the guest rooms and common areas. The 10-story inn was built in 1972 and expanded in 1984. It was remodeled at a cost of $11 million in 2005.
Pebblebrook bought the property from Regis Properties, an investment group headed by Los Angeles real estate developer and hotelier Brad Korzen. Korzen's Viceroy Hotel Group will continue to manage the Sheraton Delfina, Pebblebrook said.
Although the hotel industry has suffered in the recession, the Delfina's price of nearly $333,000 per room was no fire sale, industry consultant Alan Reay of Atlas Hospitality Group said.