Another hotel has been proposed for downtown LA, what will the future hold for this new place?
Back in November of 2016, a consortium of developers backed by Chinese investors filed plans with the city to construct an 18-story, 247-room hotel near LA Live. This new hotel would be a Cambria Hotel and would be enticing for business travelers, as it plans to have lower rates than other nearby properties.
This new hotel will rise at 926 James M. Wood Blvd., north of the sports and entertainment complex, and is planning on starting this summer and opening in early 2019.
The architects’ renderings, Orange County-based, show a sleek, white building with a rooftop pool and a style that is heavily influenced by beachside projects, rather than the glass-and-steel industrial look that dominates the current Downtown skyline.
Chris Atkinson, the managing partner with Pacific Property, said the parties came together in the autumn of 2015 when Sun Capital, the Chinese investment company that manages Sun Holdings, was looking to invest downtown. They made a purchase for the 14,156 square-foot piece of land in June 2016 for $14.5 million–who bought it from an investor who had owned the property–that is currently a parking lot–for an entire decade.
This deal marks Sun Capitals’ first ever project with Choice Hotels, which has more than 6,400 hotels in 40 countries, according to a press release. CEO of Sun Capital, Philip Powers, said that the location fits well with Choice’s mid-market Cambria brand.
Atkinson had this to say, “If you’re a business traveler, coming to the Convention Center to be involved with that Downtown marketplace, there’s not a lot of choice, especially affordable choices.”
Wei Chen, the chairman of Sun Capital and representative of the Chinese investors, told Los Angeles Downtown News that investors have observed the local shortage of hotels and the Downtown development boom, and are trying to seize the opportunity.