A Westin-branded hotel on downtown Long Beach’s Ocean Boulevard traded hands for about half its prior price tag. The Westin, at 333 East Ocean Boulevard and near the water, sold for about $42 million, according to records dated late last month, compared to its sale price of $85 million nine years ago. Rockpoint and Highgate sold the 469-room hotel in the heart of the city’s downtown to Khanna Enterprises, which received a $39 million note for the deal. That trade comes out to less than $100,000 per key for the high-rise hotel. Los Angeles’ hotel world is in a rut, […]
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