New, 22-Story Hotel To Be Built Next To LA Live In Downtown
LOS ANGELES (CBS) — Plans were unveiled Tuesday for a 22-story hotel next to L.A. Live in downtown Los Angeles.
Construction on the 300,00-square-foot, 377-room hotel will begin in March 2012, with a projected opening date of 2014. It will be run by Courtyard by Marriott and Residence Inn by Marriott and will be jointly branded.
A group of developers and investors that are financing the hotel bought the land from Anschutz Entertainment Group, the developer of L.A. Live and Staples Center.
Separately, AEG is offering to build a $1 billion football stadium downtown, as long as city officials agree to reconfigure the Convention Center to accommodate it and float about $350 million in bonds to pay for the work.
"It is clear to us that AEG's leadership in creating L.A. Live continues to be a catalyst for economic activity in this neighborhood," said Homer Williams of Williams, Dame & Associates, one of the developers behind the project. "We hope, and fully expect, that there will be other investors with new projects right behind us."
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