Investment firm HEI Hospitality has sold a nearly 6-acre parcel adjacent to its 393-room Hilton Long Beach hotel to Pacific Properties and Development for $18 million.

Norwalk, Conn.-based HEI bought the hotel and the adjacent land for $77 million last month with the intention of selling off the parcel.

The sale reduces the company’s cost of acquiring the 12-year-old hotel to $58 million, or $148,000 a room.

“We believe (this) is an attractive price for a first-class hotel in a market with high barriers to new competition,” said Gary Mendell, HEI chairman and chief executive, in a statement.

HEI will still own the hotel, its first purchase in L.A. County, where there’s 21,600 square feet of meeting space, a recently opened 12,300-square-foot executive meeting center, a newly opened Daily Grill, and a 4,500-square-foot health club.

The sale involves a complex parking arrangement, under which the parcel will continue to provide certain parking privileges to the hotel and an adjacent office building.

The 5.6-acre parcel is zoned for multi-use, which gives flexibility to Las Vegas-based Pacific Properties, a developer of multi-unit residential and commercial buildings.

Cushman & Wakefield represented HEI in the transaction.