According to a report in the Los Angeles Business Journal, the Santa Monica Doubletree Guests Suites may soon change hands.
General Electric Corp is considering the sale of the hotel, on Fourth Street, overlooking City Hall, to the Procaccianti Group, which is based in Cranston, Rhode Island.
The price is rumored to be in the $50 million range.
Doubletree currently has a long-term ground lease with the Santa Monica-Malibu School District on land that is located next to Samohi athletic fields,
Facing continuing budget shortfalls, owing to state cuts in school funding, the School District may opt to sell theproperty that it values at $20 million, though GE Capital was said to be willing to pony up only $10 million.
