Press Releases
Marcus & Millichap Arranges $9.25M Sale of Boutique Hotel in Los Angeles
May 28, 2026
LOS ANGELES, May 28, 2026 — Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Metric, a 28-room boutique hotel located in downtown Los Angeles. The property sold for $9.25 million, representing approximately $330,357 per key — believed to be the highest price per key achieved in downtown Los Angeles over the last five years for boutique hotels with 70 rooms or fewer.
“This transaction was especially meaningful because the property had been owned and operated by the same family for more than 50 years before being completely redeveloped into a newly constructed luxury boutique hotel,” said Eddy Nevarez, managing director investments. “The Metric Hotel stood apart because of the extraordinary vision behind the property, its exceptional design, operational efficiency and the unique guest experience created by ownership. Achieving this level of pricing in today’s downtown Los Angeles hospitality market further reflects the strength of the asset and continued investor demand for highly differentiated boutique hotels.”
Nevarez, investment specialist in Marcus & Millichap’s Encino office, had the exclusive listing to market the property on behalf of the sellers, Jagubhai V. Patel & Nilaben R. Patel, Co-Trustees of the Jagubhai V. Patel and Nilaben R. Patel Revocable Trust, and also represented the buyer.
“Completing a transaction of this magnitude in downtown Los Angeles was especially notable given the challenges facing the hospitality market since the COVID-19 pandemic,” added Nevarez. “Despite rising operating costs, labor and union pressures, wildfire-related disruptions and broader investor hesitation, the transaction reflects the quality of the asset, the strength of the redevelopment vision and the successful execution of the sale in a challenging investment environment.”
Formerly operated as Jerry’s Motel, the property had been owned by the Patel family for more than five decades before being redeveloped from the ground up during the COVID-19 pandemic into The Metric Hotel, a newly constructed boutique hospitality asset completed in 2023. The redevelopment was led by hotel operators Sumit Vanmali and his wife, Rosalyn.
Located at 285 Lucas Ave., the 14,433-square-foot hotel consists of 28 guest rooms, along with an owner’s apartment exceeding 1,200 square feet, offering the opportunity for conversion into two additional guest rooms.
The buyer plans to further enhance the property through strategic branding initiatives and the addition of a food-and-beverage component while preserving the hotel’s boutique identity and experiential design.
“This transaction was especially meaningful because the property had been owned and operated by the same family for more than 50 years before being completely redeveloped into a newly constructed luxury boutique hotel,” said Eddy Nevarez, managing director investments. “The Metric Hotel stood apart because of the extraordinary vision behind the property, its exceptional design, operational efficiency and the unique guest experience created by ownership. Achieving this level of pricing in today’s downtown Los Angeles hospitality market further reflects the strength of the asset and continued investor demand for highly differentiated boutique hotels.”
Nevarez, investment specialist in Marcus & Millichap’s Encino office, had the exclusive listing to market the property on behalf of the sellers, Jagubhai V. Patel & Nilaben R. Patel, Co-Trustees of the Jagubhai V. Patel and Nilaben R. Patel Revocable Trust, and also represented the buyer.
“Completing a transaction of this magnitude in downtown Los Angeles was especially notable given the challenges facing the hospitality market since the COVID-19 pandemic,” added Nevarez. “Despite rising operating costs, labor and union pressures, wildfire-related disruptions and broader investor hesitation, the transaction reflects the quality of the asset, the strength of the redevelopment vision and the successful execution of the sale in a challenging investment environment.”
Formerly operated as Jerry’s Motel, the property had been owned by the Patel family for more than five decades before being redeveloped from the ground up during the COVID-19 pandemic into The Metric Hotel, a newly constructed boutique hospitality asset completed in 2023. The redevelopment was led by hotel operators Sumit Vanmali and his wife, Rosalyn.
Located at 285 Lucas Ave., the 14,433-square-foot hotel consists of 28 guest rooms, along with an owner’s apartment exceeding 1,200 square feet, offering the opportunity for conversion into two additional guest rooms.
The buyer plans to further enhance the property through strategic branding initiatives and the addition of a food-and-beverage component while preserving the hotel’s boutique identity and experiential design.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
