Envisioned as a 450-room property to be operated as a Renaissance Hotel, the recent hotel stands out as the fourth Marriott International flag located on the gateway of L.A. LIVE. The approximately $200M project is predicted to start construction in first quarter of 2014 and completed by early 2016.
“This project furthers our commitment to town of la to deliver much needed fine quality hotel rooms in downtown to support the predicted modernization and expansion of our La Convention Center,” said Timothy J. Leiweke, President and CEO, AEG. “Beginning with STAPLES Center after which, L.A. LIVE and our hotels, each development has led to substantial increases in new events for our City, an escalation in overnight stays in any respect of the downtown properties and a good greater demand for brand spanking new quality hotels to satisfy these needs. Due to Homer’s continued faith in our City and proven investment strategy, there is no such thing as a doubt that today’s announcement might be any different.”
Hotel and tourism expert Bruce Baltin, Senior Vice chairman at PKF Consulting has consistently projected that downtown La requires 2,000 to a few,000 new hotel rooms excluding the rooms so that you can get replaced throughout the redevelopment of the previous Wilshire Grand site. Baltin remarked that these additional hotel rooms are essential for L. a. to stay competitive in attracting large conventions and retaining existing business while enabling La to sign up for the nation’s top tier of Convention Centers together with the recently approved L. a. Convention Center Modernization and Farmers Field project.
This new Renaissance Hotel will join a family of Marriott hotel products at L.A. LIVE including the AEG-owned luxury 5 star Ritz-Carlton, L. a. Hotel (123 rooms), the 4 star JW Marriott L. a. L.A. LIVE Hotel (878 rooms) and two new hotels currently under construction also developed by Williams/Dame & Associates and American Life, Inc. that come with a protracted stay Residence Inn By Marriott (218 rooms) and a select service Courtyard by Marriott (175 rooms) located together within a single 24-story tower. This project, projected to open in July, 2014 would be immediately adjacent to the recent Renaissance Hotel and directly around the street from The Ritz-Carlton, L. a. and JW Marriott L. a. L.A. LIVE Hotels.
“With over 1,844 rooms in such close proximity, Marriott can be capable of continue its success in attracting large meetings and conventions and induce further demand for other downtown hotel properties,” commented Baltin. “Since the outlet of the JW Marriott L. a. L.A. LIVE and The Ritz-Carlton, La Hotels in early 2010, other downtown hotels have realized a major increases in ADR (average daily rates) and occupancy levels.”
“We are thrilled to have the option to go directly to the adjacent site and continue our hotel development program”, said Homer Williams of Williams/Dame and co-workers. “The timing is good as we intend to accomplish and open the recent Courtyard by Marriott and Residence Inn by Marriott Hotels in July of 2014, a number of months once we expect to interrupt ground in this new Hotel.”
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