The owners of UK industry leaders Chewton Glen and Cliveden have made their first move into the US with the acquisition of a new property.
London and Regional Properties (L+R), an investment property company run by brothers Richard and Ian Livingstone, have taken over Hotel MdR – a DoubleTree by Hilton 283-bedroom hotel in West Los Angeles, as its worldwide investment and development programme grows to in excess of £9bn.
The sale marks the company’s debut in the US and further strengthens its position as one of the largest privately held property companies in Europe.
L+R acquired the property from US-based Lubert-Adler, Channel West Group and Arris Investments, in a deal arranged by HFF which has a long-standing relationship with the Livingstone duo.
Additionally, the HFF team worked on behalf of L+R to place the five-year, floating-rate loan with a Germany-based lender.
Hotel MdR was renovated and repositioned as a soft-branded DoubleTree Hotel in 2014.
The hotel features an outdoor heated pool, fitness facility, 24/7-business centre, energy room with ping-pong table, and Barbianca Local Kitchen restaurant.
L+R was founded in 1987 and now has business interest in more than eight countries with offices in London and Panama City. Its portfolio consists of more than 11,700 rooms including the iconic Cliveden, Chewton Glen and London Hilton on Park Lane.