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Greenland Group looks to sell Los Angeles hotel for $280M

A Greenland Group subsidiary has put the 350-room Indigo Hotel in downtown Los Angeles on the block for $280 million, The Real Deal reported, citing CoStar.

Greenland USA reportedly engaged Marcus and Millichap to market the hotel, which forms part of the Metropolis complex under development. The hotel, which was completed in early 2017, is operated by InterContinental Hotels Group Plc.

Greenland might use the proceeds from the hotel sale to fund the larger $1 billion Metropolis project, which will include two residential towers and is targeted for completion in 2019, according to the report.

The property developer is considering a rental conversion for the 1,500 planned condominiums at the site, with plans to sell the rental units to a multifamily operator upon completion, the publication noted, citing CoStar.