The historic hotel located in downtown L.A. has been on the market since 2016, and sold for about half its $40 million price tag.
Golden Hills Properties, owned by Michael Delijani, has yet to disclose plans for the 165-room property, but most recently the hotel was used as a low-income residential hotel.
The historic Barclay Hotel is covered by a 2006 legal settlement that mandates a “no net loss” policy ensuring that the residential hotel be preserved and any new owner who wants to use the space for more than residential use would take full responsibility for any existing tenants on the property.
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