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Available For Sale - Hospitality

20,666 SF | Show Pricing $

AVAILABILITY DETAILS

Size
20,666 SF
Price/SF
Show Pricing $
Listing ID
SA500852
Notes
EXECUTIVE SUMMARY

eXp Commercial presents for sale the Hotel Brandwood with two approved, permitted Ground Floor Restaurants plus Retail. The Property is located in the heart of the Downtown Glendale Business District in Los Angeles County. The Hotel Brandwood has 38 interior corridor rooms with bathrooms and operates as an Independent Boutique, Upper Mid-Tier, Limited Service Hotel (Upper-Tier and Select Service after renovations) for business and leisure guests.



The Property has both historic profitability and tremendous value add potential by opening the currently vacant restaurants and retail space. As of May 2022, the Hotel's finances and the Glendale market have stabilized post-COVID. Monthly hotel revenues have been above $100,000 since the Summer of 2021. With the return of local businesses and leisure travel, monthly revenue in 2022 has returned to or exceeded 2019 levels.



The guest rooms include 14 King, 14 Queen, 7 Double, 2 Executive, and a Luxury Suite. All rooms are elegantly decorated and have their own bathroom. Currently, the Hotel front desk and lobby are located on the 3rd floor with the guest rooms on the 3rd and 4th floors. The Property does not currently have an elevator that serves all floors. The Property has also been approved by Choice for conversion to the Upper-Tier soft brand Ascend collection.



PROPERTY IMPROVEMENT PLAN (PIP)

Ground floor renovations have been approved and permitted by the City which includes a front desk & lobby, elevator, and+/-8,000 SF of leasable ground floor restaurant & retail space. The zoning also permits the creation of a rooftop lounge which the City has indicated they are in favor of. The recommended renovations, primarily to the lobby, restaurant, retail, and elevator, can be completed by the Buyer immediately or in stages. With no deferred maintenance, the Property is in excellent condition. Over $1 Million in improvements were completed over the past 5 years.



After the recommended renovations are completed, revenue and NOI are projected to increase by over 30%. The opening of the two restaurants and retail space will generate separate revenue and/or lease income, and drive additional hotel occupancy. After the renovations, the 337 N. Brand Blvd side of the building will include the lobby and front desk, an elevator servicing all floors, and approximately 4,000 SF of restaurant & retail space; the 339 N. Brand Blvd side of the building will include a high-end restaurant/lounge operating out of +/- 4,250 SF.



The Property has both historic profitability and tremendous value add potential by opening the currently vacant restaurants and retail space. As of May 2022, the Hotel's finances and the Glendale market have stabilized post-COVID. Monthly hotel revenues have been above $100,000 since the Summer of 2021. With the return of local businesses and leisure travel, monthly revenue in 2022 has returned to or exceeded 2019 levels.



The guest rooms include 14 King rooms, 14 Queen rooms, 7 Double rooms, 2 Executive rooms, and a Junior suite. All rooms are elegantly decorated and have their own bathroom.

The Property has also been approved by Choice for conversion to the soft brand Ascend collection.



Currently, the Hotel front desk and lobby are located on the 3rd floor with the guest rooms on the 3rd and 4th floors. The Property does not currently have an elevator that serves all floors.
Uses
Hospitality

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Christopher Parrino, eXp Commercial
BRE# 01938322