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Article Excerpt
The Alexander Hotel, an ill-fated attempt to lure cosmopolitan travelers to Canoga Park, has closed a little more than a year after opening.
The hotel has been acquired by an investment group that plans to renovate it and turn it into a small luxury apartment complex.
"The property was not for sale," said Alex Martinez, one of three partners at MAM Realty Advisors LLC, an Encino-based investment group. "But as you are aware, the hotel industry has been in the doldrums since Sept. 11, and that property is in a place that's a little odd for a hotel."
MAM, with a group of investors, paid $5.5 million for the property, which includes the 100-room hotel, a restaurant, pool and fitness facility on about four acres of land at 20200 Sherman Way. The...
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