Airtel Plaza Founder Sells Out to 2 Other Investors in Venture

One of the four original developers of the $20-million Airtel Plaza Hotel at Van Nuys Airport has sold his one-third interest to two of the other founders.

G. Robert Hemstreet, a Woodland Hills-based hotel operator, sold his interest in the 200-room hotel for an undisclosed price to Richard H. Dunn of Calabasas and his son, Jim Dunn, of Westlake Village. The Dunns now have a two-thirds interest. They and Hemstreet developed the hotel with Canoga Park builder Howard E. Shirley, who retains his one-third stake.

The Airtel, which opened in July, 1984, and had revenue of $7.3 million in 1985, stands on airport-owned property next to a runway.

The hotel’s owners said they expect to break ground early next year on a $4.5-million expansion that will include a five-story tower with 64 rooms, a health club and 4,000 square feet of conference rooms. The addition is expected to be finished in early 1988.