Sheraton Gateway Hotel sold for $97 million

The Sheraton Gateway Hotel outside Los Angeles International Airport has been sold by Los Angeles real estate developer Kor Hotel Group to a Chicago-area investor for $97 million, a real estate brokerage said Thursday.

The recently renovated hotel with 802 guest rooms on West Century Boulevard has been acquired by Harp Group, according to brokerage Jones Lang LaSalle Hotels, which represented the seller.


"The LAX hotel market has performed extremely well in recent years with occupancies for the major hotels topping 80%," said John Strauss, an executive vice president at Jones Lang LaSalle. Room rates have been rising over the last five years.

It was the third-largest hotel sale in Los Angeles County this year. The Langham Huntington Hotel & Spa in Pasadena -- formerly a Ritz-Carlton -- sold for $165 million, and the Century Plaza Hotel in Century City was acquired for $366.5 million.