The Oxford Capital Group recently purchased a one-story office on North Cahuenga Boulevard that it plans to demolish and replace with a seven-story luxury hotel.
The site cost the Chicago group $16.5 million, according to a familiar hotel with the deal. That comes at twice the cost the Hollywood company paid for back in December of 2015. Five Chairs secure entitlements to build a hotel pushed the value.
This will be the company's first go in Los Angeles and Oxford plans to open the hotel under its four-star Godfrey brand, modeled on its sister sites in Chicago and in Boston. The plan here is to build around 200 rooms that integrate the highest in technology. One of the features they are integrating will be to check in via phone and go straight into your room, bypassing the incredibly stressful concierge. Peruri, principal at Oxford, also plans for the hotel to boast a very stylish restaurant and rooftop pool, making it the nightlife destination for its guests.
"This part of Hollywood, we think is really on the precipice of taking off," Peruri said.
With its first Los Angeles site claimed, the Chicago group is now looking for another Southern California acquisition, perhaps in downtown or West L.A., but with an eye on hitting the right price points.
Oxford plans to begin construction on the Hollywood property sometime in the next year. The company represented itself in the deal, while Mike Condon Jr. of Cushman & Wakefield represented the seller.
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