The 244-room Crowne Plaza Los Angeles Harbor Hotel in San Pedro is scheduled to be auctioned off by the end of the month following its foreclosure.
The property at 601 S Palos Verdes St. consists of a single-story building with a rooftop pool connected to a larger, rectangular building standing at 10 stories. SPF Capital Real Estate LLC purchased the property in 2017 for $26.89 million, or $110,204 per room, according to property records.
On May 28, a notice of default and election to sell under a deed of trust was filed in connection with a $22 million loan originating from Preferred Bank, a California-based commercial banking company, according to property records. At that time, the owner owed $19.1 million in payments to the bank, which has since increased to $20 million. The trustee sale is set for 11 a.m. by the fountain at 400 Civic Center Plaza in Pomona on Sept. 30.
The 173,135-square-foot property was initially built in 1990 and received a renovation in 2008.
Cushman & Wakefield was marketing the hotel for sale last spring, according to previous reporting from The Registry.
The hotel property sports 17,000 square feet of flexible meeting space, a full-service restaurant, a 24-hour fitness center, a fully-equipped business center, an outdoor pool and spa and three ground-floor retail spaces along 6th Street. The hotel is under a long-term franchise agreement with Crowne Plaza, which is part of the IHG brand family, the world’s third-largest luxury hotel company, according to The Registry.
The site is located in an Opportunity Zone and walking distance from the LA Waterfront, just two miles west of the Port of Los Angeles, seven miles west of Long Beach, and just twenty miles south of Los Angeles International Airport. The hotel also offers direct access to the I-110, I-710 and I-405 Freeways.
In addition to Cabrillo Beach and the Cabrillo Marina, the Los Angeles Maritime Museum and Battleship USS Iowa Museum are a short walk from the hotel, and the Los Angeles World Cruise Center is a short drive away.
The Registry has reported that because of the hotel’s proximity to the port, some of the its top sales accounts have been companies operating from the port, including GAC Shipping, Norton Lily International, Crowley Marine Services, ACGI Shipping, APM Terminals, General Steamship and Inchcape Shipping.
