Downey : Embassy Suites Hotel Sale Closes at $31 Million
The Embassy Suites Hotel in Downey was sold last week to a Japanese corporation for about $31 million, a lawyer for the buyer said.
Sanwa Jutaku Co. Ltd. of Osaka bought the 220-room hotel and a nearby restaurant from an investment group headed Robert E. Woolley of Irving, Tex. The deal closed last Friday, said lawyer David Tilford, who represents Sanwa Jutaku.
The eight-story hotel is the centerpiece of the city’s redevelopment program, which was started in 1978.
The property is presently assessed at $18.95 million, but city officials will seek to have it reassessed at the sale price. That could mean up to $120,000 a year in additional property tax money for the city’s redevelopment program, a city official said.
