West Hollywood's Historic Sunset Tower Hotel Is Up For Sale
Have $100 million to drop? Looking to buy a piece of Los Angeles history? The Sunset Tower Hotel is for sale.
The 14-story Zigzag Moderne-style landmark has kept watch over the Sunset Strip since its completion in 1931. And the list of former residents includes Bugsy Siegal, John Wayne, and Howard Hughes. In 1980, it was listed to the National Registry of Historic Places, then a failed attempt in the early-80s at converting the building into a co-op left the tower empty and in disrepair. In 1985, Peter de Savary saved the building and turned it into the St. James Club, which quickly became a posh destination for celebrities and wanna-bes alike. The Sunset Tower would undergo a second iteration in the '90s before Jeff Klein, the present owner, bought the building in 2004. Now, Klein and majority-stake owner ER Hollywood, are selling the property for $100 million.
“ER has the right to offer Klein’s 20 percent share as well. But he could stay in if he and the buyer agreed,” a source tells the New York Post. “Klein turned what was basically a $99-a-night dump into an iconic destination. Anybody with a brain would want to keep him to run it, but he’d sell his share, too, if he thought they weren’t right for the property.”
According to The Real Deal, if the hotel's 81 rooms (with a penthouse that runs $2,250 a night) sells for the asking price, it would set a new price-per-square-foot record in the West Hollywood hotel market.
Jeff Klein is currently finishing converting the neighboring San Vicente Inn to a 32-room hotel, which will include a bar and restaurant. It is expected to be completed in 2018.