LOS ANGELES. CA— The Argyle, a landmark Sunset Strip hotel which was once home to stars and celebrities such as Howard Hughes and John Wayne, is about to be repositioned with a massive renovation project being undertaken by a New York Investor, Jeff Klein of Kingston Klein Investors LLC. According to a published report, Kingston Klein has already secured a $15.4 million loan from CaptalSource to finance the reconstruction of the 64-room hotel, which was sold to Kingston Klein for a price in the neighborhood of $18 million. According to a spokesperson for Kingston Klein, they intend to reposition The Argyle to attract more upscale guests that are more comfortable in a boutique setting, rather than upscale chain brands, pointing out that it will be comparable to the City Club in New York City that Klein developed.
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