Park Inns in Deal to Promote Hilton Backyard Inn Close to LAX

DiNapoli Capital Partners' F. Matthew DiNapoli, Park Hotels and Resorts' Thomas Baltimore and Hilton Garden Inn El Segundo (DiNapoli Capital Partners, Park Hotels and Resorts, Hilton)
DiNapoli Capital Companions’ F. Matthew DiNapoli, Park Inns and Resorts’ Thomas Baltimore and Hilton Backyard Inn El Segundo (DiNapoli Capital Companions, Park Inns and Resorts, Hilton)

Park Inns and Resorts has struck a deal to promote one among its Hilton resorts close to LAX, The Actual Deal has realized.

The corporate is in contract to promote the 162-key Hilton Backyard Inn at 2100 East Mariposa Avenue in El Segundo to a restricted legal responsibility firm with the identical tackle as San Francisco-based DiNapoli Capital Companions, in line with sources aware of the deal.

Park Inns has owned the property since 2000, earlier than it was spun off from Hilton right into a public actual property funding belief in 2017. Neither Park Inns nor DiNapoli responded to requests for remark.

Aimbridge Hospitality presently manages the lodge, however the brand new proprietor will signal a brand new settlement with a distinct supervisor as soon as the sale closes, which is anticipated to happen later this month, sources stated.

DiNapoli Capital Companions invests in resorts, multifamily, workplace and senior housing properties on behalf of institutional buyers and excessive net-worth people, in line with its web site.

The agency presently owns stakes in 10 resorts throughout the nation, together with the 230-key Embassy Suites Anaheim Orange, in addition to the Kimpton Alton at 495 Seashore Avenue in San Francisco. Property data present an entity linked to Artemis Actual Property Companions in Maryland additionally owns a stake within the Orange County lodge.

An entity linked to DiNapoli purchased a stake within the San Francisco lodge for $44.8 million in 2018, property data present. Apollo International Administration is also tied to the entity, in line with mortgage paperwork filed final yr which are linked to the property.

In April, DiNapoli offered off a portfolio of greater than 1,000 house models in Nevada, Arizona and New Mexico to Beverly Hills-based Kennedy Wilson for $418 million.

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