Westwood’s first and oldest hotel, the Claremont Hotel, has sold for $12.25 million to investors and is slated to become a chic boutique hotel from the Paligroup, according to lending firm Thorofare Capital Funds, which kicked in a sizable loan for the deal.
The sellers are described as “a local family” that has owned the 53-room hotel since it was built for them in 1939. The family sold the Westwood Village property for an undisclosed amount to Shamina Investments, a West Hollywood-based group.
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Shamina plans to overhaul the 78-year-old hotel. Once the makeover is complete, the hotel will be run by Paligroup, which operates the boutique LA hotels the Palihouse Santa Monica, Palihotel Melrose, and Palihouse West Hollywood.
The new owners received a $11.25-million loan from Thorofare Capital to help purchase the hotel, as well as to pay for “extensive” renovations, according to the lending firm.
Those renovations will include upgrading all hotel spaces—guest rooms, the lobby, common areas, and the building’s facade. The hotel is expected to reopen in February 2018 as the Palihotel Westwood.