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Sale of Biltmore Hotel could be a record-setter: $500 million asking price is highest for Los Angeles Hotel.

Publication: San Diego Business Journal
Publication Date: 28-MAR-05 		Format: Online - approximately 907 words
Delivery: Immediate Online Access
Full Article Title: Sale of Biltmore Hotel could be a record-setter: $500 million asking price is highest for Los Angeles Hotel.(Tourism)(Millennium Biltmore)

Article Excerpt
The Millennium Biltmore, considered the grande dame of Los Angeles hotels, has been put on the market for about $500 million, according to sources with knowledge of the listing, in what would be a record-setting price for a Los Angeles hotel property.

Some brokers and buyers question the high asking price for the 683-room hotel, the third-largest in downtown Los Angeles after the Westin Bonaventure and Wilshire Grand. Nonetheless, its ornate ballrooms and landmark profile will draw an exceptionally high price in a seller's market.

"There's a lot of money out there chasing very few properties," said Alan Reay, the president of Costa Mesa-based hotel brokerage Atlas Hospitality Group, who doubts the Biltmore will fetch so much. "It's the best market for selling trophy hotel properties that I've seen in 10 years."

Mark Tarczynski, a...

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