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3/12/15
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In a record-setting SoCal hotel buy, Simon and Daniel Mani paid nearly $80 mil – about $1.7 mil per room -- for The Malibu Beach Inn from DreamWorks Studios co-founder David Geffen. The 47-room, beachfront hotel is located along a very desirable strip of seashore known as “Billionaires Beach”, an area famous for its white sand and its appeal to Hollywood execs.
Geffen originally purchased the inn, located at 22878 Pacific Coast Hwy, for around $29 mil in 2005 and has since invested over $10 mil into capital improvements. Rates at the hotel, which includes a restaurant, start at $675 per night.
The transaction’s per-room-price was the highest valuation for a hotel outside of Florida, New York or Hawaii, according to STR Analytics. Bob Safai of Madison Partners brokered the off-market deal, representing both the buyer and seller in the purchase.
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