CENTURY CITY, CA— MeriStar Hospitality Trust— advised by The Plasencia Group (TPG)— has sold the Courtyard Century City to San Diego, CA-based Pacifica Host Hotels, with terms of the transaction agreement undisclosed. The sale of the 135-room property, located along West Olympic Boulevard in Century City, follows TPG’s other engagements on behalf of MeriStar, including the 348-room Sheraton Brookhollow Dallas and the 305-room Radisson – Brookhollow, which the REIT sold in the past six months. It was noted the three transactions total close to 900 rooms, resulting in the realization of “significant value for a… client engaged in an on-going disposition process of its non-strategic assets,” according to TPG sources. “The Courtyard Century City has benefited from more than $2 million in capital improvements over the past five years,” said Bernie Murphy, regional vp for TPG. CEO Lou Plasencia concluded: “MeriStar ended up with terrific pricing on this asset. It attracted a number of very qualified and very capable investors.” Ultimately, he contended: “Thanks to a carefully planned and executed process, this disposition was concluded quickly and efficiently.”
