Stadium Fever Still Unrelenting; Grand Kyoto Hotel Trades Hands
- Oct 25, 2011
The City of Angels continues to battle for the NFL’s West Coast stadium, and Northern California is feeling the pressure to get some stadiums going, as both L.A. and San Diego inch their way toward an NFL rivalry of economic proportions.
Among competitors in L.A. is developer Ed Roski, who is strivin gto win an NFL franchise to the City of Industry. Seeing as the business man has recently dropped his claim for a minority share of the franchise that relocates to the 600-acre lot in Industry, the plan will now certainly gain some traction. Furthermore, the developer plans to buy a minority share at market value in exchange for his lot. Anschutz Entertainment Group is now under major pressure to get things going with Farmers Field, ESPN.com reports.
In other real estate news, one of Los Angeles’ downtown hotels has been sold this past week, the Los Angeles Times reports. The Kyoto Grand Hotel is now under the UBS Realty Investors umbrella and is set to be rebranded as a DoubleTree hotel, according to the newspaper. The 434-room hotel traded for an undisclosed sum, although reports from the Times place the total around the $35 million mark. The 21-story tower, completed back in 1977, stands as one of Little Tokyo’s greatest points of interest and is a major visiting spot for Japanese tourists.