Shamina Investments will redevelop and rebrand the 55-room Tiverton Avenue property, which was built in 1939.
Los Angeles-based Shamina Investments has purchased Westwood’s Claremont Hotel at 1044 Tiverton Ave., for $12.25 million.
The announcement was made by lending group Thorofare on April 26, and the seller was the Quilico family (listed as MFQ Investment Inc.), which has owned the 18,500 square foot building since it was built in 1939.
Shamina Investments was established in 2012, and Benjamin Keywanfar, Shamina Investments’ managing partner, will join forces with Paligroup and revamp the aging hotel and rebrand it as the Palihotel Westwood, according to The Real Deal.
However, while the renovations on the property continue – which will include updating the hotel’s rooms, common areas and lobby, along with some cosmetic changes to the exterior – the property will remain a Claremont hotel.
Thorofare Capital has given Shamina an $11.25 million five-year loan to cover the acquisition and redevelopments costs.
Keywanfar told the Los Angeles Business Journal, “[MFQ] moved on to other industries and felt it was the right time to bring in a new owner that could maintain the history of what they built and deal with a lot of the neglected elements. The bones of the building were amazing. … It just needs some love.”
While Keywanfar wouldn’t state how much money he plans to spend on the renovation, the projected reopening of the newly-branded Palihotel Westwood is slated for February 2018.
