West Hollywood's Sunset Tower Hotel Aims To Sell For $100M
The owners of the Sunset Hotel Tower are looking to make an exit, quietly putting it up for sale last week for about $100M.
Thosapong Jaruthavee, a Thai investor, bought an 80% stake in the property for about $60M a couple of years ago through holding company ER Hollywood.
The sale price adds up to $1.2M/room for the 81-key hotel. The Tower Bar and Restaurant is also housed in the hotel.
The 1920s art deco hotel has attracted celebrities in recent years and has hosted the Vanity Fair Oscars party in the past.
Sources say the hotel can be purchased as an unencumbered asset. JLL vice president Jeff Davis and executive vice president Tony Muscio are marketing the property at 8358 Sunset Blvd.
It and other hotels in the area will be facing competition from other projects coming to the Sunset Strip, including Sunset Time, a hotel that will replace the former House of Blues Sunset Strip, a 286-room James Hotel and Gwyneth Paltrow's private Arts Club.