The famed Century Plaza Hotel in Los Angeles has been sold to investor Michael Rosenfeld this week. The hotel has been in the heart of Los Angeles’s movie scene and also was nicknamed the Western White House when Ronald Reagan used to use it’s Presidential Suite as his home base when in Los Angeles.

The hotel is noted for it’s famous sweep sitting on the top of a hill and affording some of it’s guests a view to the Pacific Ocean.

Los Angeles real estate investor Michael Rosenfeld’s Next Century Associates, a joint venture with an entity in the D. E. Shaw group, a global investment firm, has purchased the renowned Century Plaza Hotel for $366.5 million, approximately $505,000 per room, from Sunstone Hotel Investors, Inc. (NYSE:SHO). The 19-story hotel, a centerpiece of Century City in Los Angeles with a highly recognizable sweeping arc shape, has 726 guestrooms and 85,000 square feet of meeting space, including the Los Angeles Ballroom, largest in the Southland.
“This is a rare opportunity to buy a jewel in my hometown,” said Michael Rosenfeld, founder and CEO of Century City-based Woodridge Capital Partners and managing partner of Next Century Associates. “The Century Plaza has been an LA icon since it opened in 1966. Further, its location in the heart of Century City is unbeatable,” he added, pointing to its position within walking distance of new luxury residential towers, the Westfield shopping center, and 10 million square feet of the finest office complexes in Los Angeles including the recently completed 2000 Avenue of the Stars directly across the street. via Business Wire

Related posts:

1. New York City Flat Iron Building Purchased For Future Hotel Project
2. Tough Commercial Market Sees Defaults Occurring on Hotel Properties
3. High Price For The Skinniest house in New York City
4. Could We See Shrink Wrapped Homes Waiting To Be Sold?
5. Goodbye Sears Tower – Hello Willis Tower