The prestigious Beaux-Arts Barclay Hotel in Los Angeles is now up for sale.
According to Curbed LA, Barclay Hotel is dubbed as the oldest operating inn in L.A. that is more specifically located at Fourth Street and Main.
According to LA Business Journal, the broker who listed the hotel for sale believes that it can be renovated or improved to become a boutique hotel that is similar to Ace Hotel. The broker is also expecting that property to be sold at a whopping $40 million.
Meanwhile, Curbed LA said that the changes to the old Barclay hotel will be beneficial not only to its new owners but also to guests.
"A cool boutique hotel would be a big change from the Barclay's current use as much-needed-single-resident occupancy (SRO) housing for low-income tenants. If the building sells and the owner wants to make it into anything else besides an SRO, finding new housing for those tenants first would be the responsibility," the publication noted.
As of late, there are approximately 30 residents living in the hotel, and if the property is sold, they will be relocated to a different building in the area. Additionally, the transfer of residents will cost the hotel owners a huge sum of money estimated between $2 to $3 million in total.
In other news, Barbara J. Schultz of the Legal Aid Foundation of Los Angeles explained that the Barclay hotel is covered by both a city ordinance and a legal settlement that mandate a "no net loss policy." This means that the new owners will not experience a loss in their profit because they will be given 35% more of the property's median income on top of the relocation charges, renovations and more. Additionally, the new property is expected to house a Historic-Cultural Monument once the new buyer closes in on the deal.
