Investment Group Buys 80% Stake in WeHo’s Sunset Tower for $75 Million

Sunset Tower
Sunset Tower

Elevated Returns, a New York City-based investment group, has purchased a majority interest in WeHo’s iconic Sunset Tower hotel for $75 million.

The purchase was reported by ReBusinessOnline, a real estate industry news service. Elevated purchased an 80% stake in the hotel from KKHG Sunset Tower LLC, an investment group headed by Peter Krulewitch. Jeff Klein will continue to hold a 20% stake in Sunset Tower and manage the hotel.

The hotel, located at 8358 Sunset Blvd., was designed by noted architect Leland Bryant and opened in 1931. It once served as the home for celebrities such as John Wayne and Frank Sinatra. It was transformed into a hotel named the St. James Club and later the Argyle. Klein took it over in 2004, renamed it the Sunset Tower and began a celebrated renovation of the property. Today it is known for its celebrity clientele, many of whom dine at the hotel’s Tower Bar.

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Jonathan Simmons
Jonathan Simmons
6 years ago

Anecdote: as a kid in the 1970s (pre existence of city of weho) the strip was a sleazy place and the tower was vacant/abandoned and my father would say every time we drove by “OMG – when I was growing up, the building was the ULTIMATE of paces anyone could live in (a pie dream) HMM …. one story of the past my father told me that was actually true – once renovated – it is a LANDMARK building inside and out and will NEVER be torn down. What disturbs me, is I remember the excitement when the House of… Read more »

JJ
JJ
7 years ago

Right on, Chris! True iconic building typically stand the test of time as in the case with this one. The old Jones Pet Hospital (lawsuit over this building holding up the redevelopment of the Melrose Triangle)…not so much.

Chris Sanger
Chris Sanger
7 years ago

This of course has zero chance of being torn down any time during our lifetimes barring an earthquake or similar. It’s an iconic building (unlike most cited as historic in this city) and currently profitable.

luca d
luca d
7 years ago

….and i’m sure that someone is dreaming of tearing it down to build a mixed-use property of 300 ‘affordable’ apartments.

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