Lee & Associates, a leading commercial real estate firm, successfully arranged the sale of a Wingate by Wyndham Hotel located at 10300 La Cienega Boulevard in Inglewood. The property is situated near Los Angeles International Airport and sold for $23,670,000 or $159,932 per key. Vanessa Herzog from Lee & Associates Pacific Northwest office referred the seller to Matt Orville and Marshal Vogt of Lee & Associates Orange along with Jaimeson Hearne. A family trust owned this hotel for 23 years before deciding to divest out of California.
Greens Inc., based in Irvine showed deep brand relationships as well as financial viability which led them to launch escrow on the purchase despite news about regional bank failure hitting during that time period; an easement running through the center of site dating back 1945 was identified in title report prohibiting any construction but Greens Inc.’s due diligence team identified company holding easement and recorded quitclaim within month – typically taking three-four months – making it possible for transaction completion without any further delay.
Jeffrey Rinkov CEO at Lee & Associate commented “This complex hospitality transaction is testament to market knowledge and expertise our agents possess along with intermarket cooperation between offices” showing how successful this sale was despite all hurdles faced during process .
