DEVELOPMENT / HOTEL INVESTMENT OPPORTUNITY€¦ · Commercial Partners, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility

DEVELOPMENT / HOTEL INVESTMENT OPPORTUNITY17448 VENTURA BLVD., ENCINO, CA 91316

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TABLE OF CONTENTS

SECTION ONE 04EXECUTIVE PROFILE

SECTION TWO 16PROPERTY INFORMATION

SECTION THREE 44 MARKETING OVERVIEW

© 2017 Hudson Commercial Partners, Inc. The information contained in this document has been obtained from sources believed reliable. While Hudson Commercial Partners, Inc. does not doubt its accuracy, Hudson Commercial Partners, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors, which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

Hudson Commercial Partners, Inc. logo are service marks of Hudson Commercial Partners, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

This Memorandum (“Offering Memorandum”) has been prepared by Hudson Partners based on information that was furnished to us by sources we deem to be reliable. No warranty or representation is made to the accuracy thereof; subject to correction of errors, omissions, change of price, prior sale, or withdrawal from market without notice.

This Memorandum is being delivered to a limited number of parties who may be interested in and capable of purchasing the Property. By its acceptance hereof, each recipient agrees that it will not copy, reproduce or distribute to others this Memorandum in whole or in part, at any time, without the prior written consent of Hudson Partners, and it will keep permanently confidential all information contained herein not already public and will use this Confidential Memorandum only for the purpose of evaluating the possible acquisition of the Property.

This Memorandum does not purport to provide a complete or fully accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information, which prospective buyers may need, or desire. All financial projections are based on assumptions relating to the general economy, competition and other factors beyond the control of the Owner and, therefore, are subject to material variation. This Memorandum does not constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of this Memorandum.

This Memorandum is being delivered by Hudson Partners to prospective purchasers with the understanding that all prospective purchasers will conduct their own independent investigation of those matters, which they deem appropriate in order to evaluate this offering. Additional information and an opportunity to inspect the site will be made available to interested and qualified prospective purchasers. Hudson Partners reserves the right to request the return of any or all of the information enclosed.

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SUBJECTPROPERTY

HUDSON COMMERCIAL PARTNERS, INC. - 54 - HUDSON COMMERCIAL PARTNERS, INC.

17448 BLVDV E N T U R APrice: $6,000,000

SITE DETAIL

Address: 17448 Ventura Blvd., Encino, CA 91316 County: Los Angeles

APN: 2290-004-024

Lot Size: ±25,792 SF

Zoning C4-1VL: Approx. 15,792 SF

Zoning RA-1: Approx. 10,000 SF

Total Square Footage: 25,792 SF

PROJECT SUMMARY

Number of Stories: 2 Stories

Type: Exterior Corridor

Room Count: 26 Rooms

Development FAR: 1.5

Development Height Limit: 30 Feet

Hotel ADR: $105

Hotel Occupancy: 97%

Specific Plan Area: Ventura / Cahuenga Boulevard Corridor


OWNER/USER PROPERTY DESCRIPTION

PROPERTY HIGHLIGHTS

• A Premier Development Site for Hotel Project or Residential

• Unencumbered by a management agreement, a prospective new owner has the opportunity to enhance the hotel’s profitability by repositioning the site

• Highly profitable hotel due to diversified year-round demand drivers and high barriers to entry

• Prime Ventura Boulevard location with 112 feet of frontage on Ventura Boulevard

• The site is located amongst a multitude of retailers, restaurants, bars and shopping experiences within easy walking distance

EXECUTIVE SUMMARY

Hudson Partners as exclusive agents is pleased to present for sale a prime, highly visible, hotel redevelopment site located at 17448 Ventura Boulevard, Encino CA. The offering consists of one parcel totaling 25,792± square feet with 9,286± square feet of improvements. The site has a split zoning( C4-IVL and RA-1) which allows for a 1.5 X FAR with a 30 foot height limit and a total buildable square footage of 38,688± (Part of t the Ventura/Caheunga Boulevard Corridor specific plan for new development). This offering represents an excellent investment opportunity to purchase a stable, well-performing hospitality asset ideally offered unencumbered by management and debt. A buyer can acquire the hotel and redevelop the site to greater density either affiliated with the current Choice Hotel brand or may convert to the upscale, boutique Hotel or a different brand. The improvements consist of two (2) single story and one(1) two story exterior-corridor hotel with 26 spacious guest rooms (double and single occupancy) and lobby. The hotel has recently undergone substantial renovations. In addition, the property is well maintained Choice hotel (Rodway Inn Brand) . The properties location provides easy access to restaurants, shopping and other area attractions. The offering presents a savvy developers an immediate income stream through the current hotel operation during the entitlement process. The opportunity to purchase is also enhanced by acquiring an idyllic, well-located site in supply constrained thriving Encino neighborhood of Los Angeles, CA.


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SUBJECT PROPERTY17448 VENTURA BLVD., ENCINO, CA 91316

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the west, Brentwood and Pacific Palisades on the south, and Reseda, West Van Nuys to the north.

Encino was named for its abundance of large spreading oak trees, “LosEncinos”. Encino is a hilly neighborhood in Los Angles in the western SanFernando Valley and on the northern slope of the Santa Monica Mountainsand was established in 1845 as Rancho Encino.

Encino’s boundaries are Victory Blvd. on the North, Mullholland Dr. on theSouth, Lindley Ave. on the West and the San Diego Freeway on the East.

EDUCATION

Public schools in Encino are operated by the Los Angeles Unified SchoolDistrict (LAUSD) and include four elementary schools, three middle schools,and two high schools – Birmingham Community Charter High School andReseda High School. Private schools include Westmark School, Los EncinosSchool, Our Lady of Grace Pre-School, Saint Cyril School and CrespiCarmelite High School.

Philipps Graduate Institute and a satellite campus of Pepperdine Universityare in Encino, and the Encino – Tarzana branch of the Los Angeles PublicLibrary serves Encino on Ventura Blvd.

RECREATION

While Encino is not a tourist destination, it offers multiple amenities to itsresidents and those in the surrounding area. The city is home to three18 hole Municipal golf courses, Woodley Lakes Golf Course, Encino GolfCourse and Balboa Golf Course.

The Sepulveda Basin Wildlife Reserve is a haven for wildlife and humansalike, a welcome oasis within an urban setting of Van Nuys and Encino.The U.S. Army Corps of Engineers channelized the Los Angeles River andbuilt the Sepulveda Dam to capture and hold floodwaters for later gradual

ENCINO

Encino is an extremely affluent Southern California city with very highdisposable income. Primarily a residential community with a large mixtureof sizeable private homes where the average household income exceeds$134,000 within a one (1) mile radius. Encino is located just 13.6 miles northof the Century City financial district, 13 miles northwest of Downtown LosAngeles and 21 miles north of Los Angeles International Airport (LAX).Encino is bounded by the communities of Sherman Oaks, Studio City, TolucaLake and Van Nuys on the east, Canoga Park, Winnetka, Woodland Hills and West Hills to

ENCINO

release down the river. Except for infrequent flood episodes, this otherwisedry-land flood control basin leased to the City of Los Angeles Departmentof Recreation & Parks plays host to diverse uses including athletic fields,agriculture, golf courses, a fishing lake, park lands, a sewage treatmentfacility and a growing wildlife reserve.

The Balboa Sports Complex run by the Department of Recreation & Parkshas a gym capacity of 400, lighted baseball diamond, basketball courts,football field, handball courts, tennis courts, volleyball courts, children’s playarea, unlighted soccer field, indoor gym and community room.

Los Encinos State Historic Park at the corner of Balboa and Ventura Blvd.was the hub of Rancho El Encino and includes the original 9 room de la OssaAdobe, the 2 story limestone Garnier building, a blacksmith shop, a naturalspring and a pond.

TRANSPORTATION

Encino is served by two major interstate freeways. The US I01 Freeway approximately 1.1 miles north of the subject Property and the 1-405 Freeway approximately2.3 miles east of the subject Property. The Metropolitan Transit Authority has several bus lines serving the Encino area.

Encino is located 11.2 miles from the Burbank-Glendale-Pasadena Airport (Bob Hope Airport) in Burbank, and 21 miles from Los Angeles International Airport.

AREA OVERVIEW

With an area of 4,083 square miles of land area, Los Angeles County is located in thesouthwestern portion of the State of California, and comprises the commercial center of the Southern California region. The county lies along approximately 76 miles of Pacific Ocean coastline on the west and extends for nearly 70 miles form west to east. Surrounding counties include Ventura County to the northwest, Kern County to the north, San Bernardino County to the east and Orange County to the south.

The County also includes the islands of Santa Catalina and San Clemente. Los AngelesCounty has 88 incorporated cities. Los Angeles County has the largest population ofany county in the nation with an annual budget of more than $24.2 billion and a population of nearly 10.16 million residents. Approximately 26.13 percent of California residents reside in Los Angeles County.

Los Angeles County leads the Nation as the #1 International Trade Capital, the #1 Entertainment Capital, and the #1 Manufacturing Capital inthe United States. Perched on the edge of the Pacific Rim, its system of harbors, airports and transcontinental railroads and freeways will make it possible for the county to capitalize on the near doubling of trade with Pacific Rim countries that is anticipated to occur over the next 15-20 years.

Los Angeles County also has the Nation’s #1 & #2 ranked seaports.

DEMOGRAPHICS

ENCINO


Development opportunity SHERMAN OAKS, California

area Demographics | ENCINO

MEDIAN AGE EDUCATION | Bachelor’s Degree or Higher

40.6 37.0%

POPULATION

2017

2022

80,547

83,444

AVERAGE HOUSEHOLD INCOME

2017

2022

$123,199

$143,114

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WALKSCORE


ABOUT CHOICE HOTELS

Choice Hotels International, Inc. (NYSE: CHH) is one of the largest and most successful lodging

franchisors in the world. Choice currently franchises more than 6,800 hotels, representing more

than 550,000 rooms, in more than 40 countries and territories. Ranging from limited service to

full service hotels in the economy, mid-scale and upscale segments, Choice-branded properties

provide business and leisure travelers with a range of high-quality, high-value lodging options

throughout the United States and internationally.

RODEWAY INN ® BRAND INFORMATION

The Rodeway Inn® brand from Choice Hotels covers the travel basics. With the peace of mind that comes from the backing of a nationally recognized brand, guests can count on the Rode-way Inn brand to provide a restful stay with great savings.

There are more than 600 Rodeway Inn properties open worldwide.The Rodeway Inn brand offers the amenities guests want and need while on the road, like:• Fresh, clean rooms.• Premium movie channels.• Complimentary Wi-Fi.• Fresh coffee every morning.Rodeway Inn guests can participate in the award-winning Choice Privileges® loyalty rewards program, rated no. 1 in USA Today’s 10 Best Readers’ Choice Awards list.


VENTURA BLVD

KELLY BETPOLICEManaging Principal

11846 Ventura Blvd.Suite 140Studio City, CA 91604

Cal BRE: 01470894

CONTACT

C: 310.403.8544P: 818.699.1602F: 818.332.4977

E: [email protected]

www.hudsonpartnersinc.com

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DEVELOPMENT / HOTEL INVESTMENT OPPORTUNITY€¦ · Commercial Partners, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility