$1B Megacomplex to House Park Hyatt’s First L.A. Location
- Oct 28, 2016
Los Angeles– Park Hyatt has announced that it will locate a new five-star hotel at Oceanwide Plaza, a colossal mixed-use development positioned to reshape the architectural character of downtown Los Angeles.
“The Los Angeles market has seen unprecedented growth over the last several years, and we know it is a destination where our guests are traveling,” said David Tarr, Hyatt’s SVP of real estate and development for the Americas. “We are thrilled to be bringing the Park Hyatt brand to this critical market and placing it in an ideal location within Oceanwide Plaza.”
The project marks new territory for both the hotelier and the developer. The luxury hotel is Park Hyatt’s first foray into Los Angeles, where downtown development has seen a boom in the last year, as indicated by earlier reports from MHN. Valued at $1 billion, Oceanwide Plaza is the first North American project by Beijing-based conglomerate Oceanwide Holdings, the parent company of Oceanwide Plaza LLC, which owns the property.
Thomas Feng, CEO of Oceanwide Plaza LLC, told MHN, “Oceanwide Plaza will impact not only South Park, but all of downtown Los Angeles. We are bringing to life a new standard of urban living in the community by creating a prominent city center that our future guests will connect with the moment they arrive.”
Oceanwide Plaza is located directly across from Staples Center and L.A. Live at the core of one of Los Angeles’ most trafficked entertainment corridors. The towering development will feature three residential and hotel buildings flanked by a seven-story lifestyle podium. A breezy, 166,000-square-foot galleria will anchor the lifestyle podium with a mix of retail, restaurants and entertainment. Along Figueroa Street a 700-foot, ribbon-like LED surface will wrap around the lifestyle center, a glimmering hallmark welcoming guests to the vibrant locale.
New York City-based architect CallisonRTKL is behind the hotel’s visionary construction. The firm, which specializes in experiential design, will also compose the curated retail component, named The Collection at Oceanwide Plaza. The hotel, which includes 184 rooms and 34 suites, owes its sophisticated aesthetic to lauded international design firm Studio Munge.
The residential component will include 504 amenity-rich units, served by a full suite of concierge services, as well as a private deck, a two-acre outdoor oasis, a fitness complex and an array of enclaves ideal for socializing and relaxation.
According to Feng, “Oceanwide Plaza will infuse a renewed energy to L.A.’s sports and entertainment district, inspiring interest from Angelenos as well as from the thousands of convention center guests and travelers that flock to the area each year … We also see Oceanwide Plaza having a significant impact on economic growth for the city of Los Angeles with the creation of approximately 9,000 jobs over the duration of the project.”
Tarr believes strongly in the city’s ongoing transformation. “The Los Angeles market has seen unprecedented growth over the last several years, and we know it is a destination where our guests are traveling,” he said in a prepared release. “We are thrilled to be bringing the Park Hyatt brand to this critical market and placing it in an ideal location within Oceanwide Plaza.”
Images courtesy of Oceanwide Plaza