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Le Parc Suite Hotel to Get $12.5 Million Renovation



Le Parc Suite Hotel

WEST HOLLYWOOD — Pebblebrook, the owner of Le Parc Suite Hotel (along with several other hotels in West Hollywood such as the Mondrian and Grafton) as announced that it will make a significant investment into the hotel.

The hotel is located at 733 North West Knoll Drive on a residential block off Melrose Avenue and La Cienega, around the corner from Urth Caffe.

The information was mentioned in its Q3 2019 financial results. In the third quarter, the company completed $42.1 million of capital investments throughout its portfolio and $111.1 million year to date through September 2019.

The investment in Le Parc Suite Hotel is estimated at $12.5 million, which will consist of a comprehensive hotel renovation, including the guest rooms, lobby and public areas. The project is to commence in the first quarter of 2020 with expected completion just a few months later, in the second quarter of 2020.

Also announced was an investment in the company’s Viceroy Santa Monica Hotel property, estimated at $12.0 million, which will undergo a lobby, public area and meeting space renovation. The project will also feature both interior and exterior enhancements. The timeline for the improvements will be similar to that of the West Hollywood property.

The company also announced improvement plans for three properties in the San Diego area and hotels in Santa Cruz, Washington D.C and Key West.

The Company’s net income was $30.0 million in the third quarter of 2019, an increase of $0.1 million as compared to the same period of 2018.

Hotel operating performance was slightly below expectations due to further moderation in demand growth and negative impact of lost business from Hurricane Dorian in September

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