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Century Plaza Hotel Sells for $366.5 Million

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Jun 2, 2008 4:26 pm US/Pacific

Century Plaza Hotel Sells for $366.5 Million

LOS ANGELES (AP) ―

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A real estate investment firm says it has purchased the Century Plaza Hotel, a Los Angeles landmark that has played host to several U.S. presidents since the 1960s.

Next Century Associates said Monday it has acquired the hotel from Sunstone Hotel Investors Inc. for $366.5 million.

Next Century is a joint venture between Woodridge Capital Partners and a unit of investment firm D. E. Shaw group.

The 19-story hotel opened in 1966. It has 726 rooms and its property spans nearly six acres.

Presidents Lyndon Johnson, Richard Nixon, Ronald Reagan and Gerald Ford are among the U.S. leaders who visited the hotel during their tenures in the White House.

Next Century says Global Hyatt, which has operated the hotel in recent years, will continue to do so.