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SOLD – O Hotel & Spa Restaurants and Bars, Los Angeles

By in 2022 - Volume 24

JUST LEASED
O Hotel & Spa Restaurants and Bars

819 S Flower Street, Los Angeles, CA 90017

In October 2021, Restaurant Realty Company received an inquiry from Mr. Michael Rahimi, the owner of the O Hotel and Spa. The hotel is on Flower Street in Downtown Los Angeles in a most desirable spot. Although business had been naturally damaged by the pandemic, occupancy and area was returning to a relative normal level.

Keith Simpson met with Michael and the General Manager at the Hotel. They were looking to lease the first floor 3,500 sq ft Restaurant & Bar at $3.50 per square foot, which was currently being operated by his employees as well as a 2,800 sq ft basement bar at $3.00 per square foot with its own street entrance from the Hotel lobby.

We had numerous inquiries. Some only wanted to lease either space, but not both. It was my opinion, and that of the owners, that as there is only one kitchen – therefore a single tenant for both spaces would be preferable. 

Given the incredible teamwork at Restaurant Realty, our agents work well together throughout California. A relatively new agent, Hoyle Kang, who is well connected with international customers from China, Korea, Hong Kong, Singapore, Vietnam, and the Middle East, found an extremely experienced Korean operator. Hoyle and Keith worked together to finalize this transaction by negotiating the new long lease at terms acceptable to the owner and the new tenants. 

The transaction was consummated in late January for the full asking price rent and the new tenant moved in on February 1st 2022.

Restaurant Realty wishes Mr. Michael Rahimi, the Owner and the new operators, much continued success in all their endeavors.

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About The Author
Steven Zimmerman, CBI, M&AMI, CBB, FIBBA

Steve is the Founder, Principal Broker and Chief Executive Officer of Restaurant Realty Company. Steve has personally sold/leased over 1,000 restaurant, bar and/or nightclub businesses and many related commercial buildings totaling 2+ million square feet of commercial space, collaborated with over 2,000 clients and completed over 3,000 valuations since 1996.His real estate experience also includes sales, acquisitions, management and ownership of numerous properties throughout California including restaurants, hotels, apartment buildings, single family houses, an office building and a multi-use retail building. Steve is also the author of Restaurant Dealmaker – An Insider’s Trade Secrets for Buying a Restaurant, Bar or Club available on Amazon. Prior to starting Restaurant Realty Company Steve had over 20 years of restaurant experience and was President and Chief Executive officer of Zim’s Restaurants, which was one of the largest privately owned restaurant chains in the San Francisco Bay Area. READ FULL BIO | HIRE EXPERT WITNESS - LEARN MORE