Jones Lang LaSalle Hotels has arranged the sale of the 281-room Radisson Hotel Agoura Hills on behalf of the Westmont Hospitality Group to Davidson Hotel Company, a hotel management company.
“The Conejo Valley is emerging as a sought-after hotel market,” stated Arthur Buser, Executive Vice President and Head of the West Coast division of Jones Lang LaSalle Hotels, Los Angeles. “Fortune 500 companies such as Amgen Inc., Blue Cross California, Dole Foods, General Motors, G.T.E. and State Farm Insurance Company have offices in this market creating solid corporate demand for the hotel Monday through Thursday. Additionally, the hotel has begun to capture revenue from catering and other diverse businesses during the weekends.”
The hotel, which opened in 1988, was renovated in 1997 and has experienced significant RevPAR growth during the past several years.
According to John Strauss, Vice President of Jones Lang LaSalle Hotels, Los Angeles, “Not many unencumbered properties are sold in the Los Angeles region. There was interest from both domestic and international investors, and the bidding process was very competitive. For us, Radisson Agoura Hills and last year`s sale of the Hotel Nikko at Beverly Hills underscore the importance of the L.A. market and the intense level of interest that investors have for this region.”
The hotel is located one-quarter mile south of the Ventura Freeway (Highway 101), which is the major north-south corridor connecting Los Angeles and San Francisco. It has 10,000 square feet of total indoor meeting space and an outdoor banquet pavilion.