New Renaissance Hotel will Join Already Impressive Hospitality Roster at L.A. LIVE
By Alex Girda, Associate Editor
The L.A. Live development has reimagined a troubled area of downtown Los Angeles by injecting a new sports and convention space-anchored complex. The revitalization of the area surrounding the STAPLES Center seems to be a success as the company responsible for the L.A. LIVE concept, AEG, recently sold a 60,000-square foot land parcel to Williams/Dame & Associates which will be used for a new hotel project. The reported investment would be of around $200 million, and the developer intends to operate the venue as a Renaissance Hotel, one of the brands under the Marriott International canopy.
The 450-key facility will be located at the northeast corner of Olympic Boulevard and Georgia Street. This would be the fourth hospitality spot to be operated under a brand owned by Marriott International in the area. The new Renaissance Hotel joins an existing 123-key, 5-star Ritz-Carlton Los Angeles Hotel owned by AEG, the JW Marriott Los Angeles LIVE Hotel featuring 878 rooms, and two other properties currently in development that will be part of a 24-story high-rise scheduled to open in July 2014, both owned by Williams/Dame & Associates and American Life, Inc. When completed, the two hotels will add around 400 rooms to the area’s Marriott-operated inventory.
With the new Renaissance Hotel beginning construction in Q1 of 2014 and a completion date set for 2016, the L.A. LIVE area looks forward to offering a plethora of hotel options, with 1,844 rooms featuring five different Marriott brands: Ritz-Carlton, Renaissance, JW Marriott, Courtyard and Residence Inn. The venues will ensure that visitors will have a variety of hospitality options when checking out one of the many attractions of the entertainment district: STAPLES Center, the Los Angeles Convention Center, Nokia Theatre L.A. LIVE, Regal Cinemas and the GRAMMY Museum.
Image: L.A. LIVE, courtesy of lalive.comTags: Acquisitions/Dispositions, AEG, Brokers, Commercial, Consumer, Developers, Development, economy, Finance/Investment, Financiers, Hospitality, Investors, L.A. Live, Local, Los Angeles, Los Angeles Lead Story, National, Owners, Policy, Professional, Regional, Renaissance Hotel, STAPLES Center, Williams/Dame & Associates