The hotel project is the brainchild of Chhabria who has built and also sold luxury homes in excess of over a billion dollars in the South Bay area of Los Angeles spanning over three decades. Over half of his projects have been in the beach areas -Manhattan, Hermosa & Redondo Beach. Most of the custom homes range from $ 5 million to $ 20 million. His vision for the subject hotel was that it will be one of the best boutique hotels in Los Angeles. The building is about 50-60% completed and construction is still in progress. The quality of workmanship and materials used is as good it can be for a landmark boutique hotel in a premier irreplaceable beach location. Qualified buyers have an incredible opportunity to own a brand new ‘pride of ownership’ boutique hotel in one of the best beach towns in USA without going through the difficult and time consuming process of obtaining Coastal Commission approval & City approval process. Buyers have the option to take over the project ‘As Is’ and complete the hotel or the sellers can complete the project.
Price Guidance- Comparable sales- Pali House W Hollywood- 37 Rooms @ $ 891,892 a key (6/7/2018) and Laguna Riviera 41 Rooms @ $ 512,195 a key (2/2/2018), Ambrose Hotel Santa Monica 77 Rooms @ 616, 883 a key in Dec 2016 Factor in: subject property’s location 500 feet from the beach. Some rooms will have partial ocean views.
