Inglewood's NFL stadium is still a few years from completion, but its appeal is getting an early start. Prominent developer Izek Shomof has purchased a down-on-its-luck Inglewood hotel near the future stadium for $18 million, The Real Deal reports.
The property’s location near the stadium likely helped boost its value: The 180-room Airport Park View Hotel last sold in 2001 for $400,000.
Shomof plans to totally overhaul the hotel, upgrading the pool, common area, lobby, and rooms. "It is going to be one of the nicest projects in the whole area," Shomof told The Real Deal. An operator for the hotel has not been selected yet.
The 1960s-era hotel is located 3900 West Century Boulevard, just south of the site where the new $2.6-billion NFL stadium—the future home of both the Los Angeles Rams and the Los Angeles Chargers—will open for the 2020 football season.
The stadium will rise next to a new neighborhood of 3,000 new residential units, an artificial lake, and a luxury hotel. That megaproject, from developers Wilson Meany and Stockbridge Capital, is scheduled to be complete in 2023.
The area is going to transform into “a busy hub” as all those projects start coming online, says Ramtin Rafiee of BRC Advisors Commercial Real Estate, who brokered the sale.
Shomof has another, much larger reboot in the works in Boyle Heights, where he's planning a transformation of Sears. The historic Art Deco tower and its vacant 10-story distribution center that will be turned into a mixed-user with more than 1,000 live-work units, a food hall, rooftop restaurant, and event space.