投資商用不動產 申辦美國綠卡

抽籤移民簽證
HOME > 最新消息

最新消息

Marriott's $120 Million Hotel Seen as a First Ste
2011-04-20

There was plenty of celebration today when a team of city leaders, business officials and union representatives came together on a South Park lot to announce a $120 million hotel project. If a group of local players have their way, however, it will be just the first in a string of expensive new developments around L.A. Live.

This afternoon, Homer Williams, who a little less than a decade ago ignited a South Park housing craze, announced that his firm, Williams/Dame & Associates, in partnership with investment entity American Life, Inc., is embarking on a 22-story tower on the northeast corner of Olympic Boulevard and Francisco Street. The companies are in escrow to buy the land from Anschutz Entertainment Group, the developer of Staples Center and L.A. Live.

The deal calls for the creation of two Marriott brands in a single edifice. Construction is slated to start next March for the project that would create 180 Courtyard by Marriott rooms and a separate 197-room Residence Inn. The 300,000-square-foot development would open in March 2014.

Perhaps the only thing that eclipsed the announcement of the 377-room project was the hope that it precedes a wave of development tied to AEG President and CEO Tim Leiweke’s vision to build a $1 billion football stadium and events center where the West Hall of the Convention Center now stands. At the event in the shadow of the 1,001-room Ritz-Carlton/J.W. Marriott hotel, Leiweke repeated his desire to ultimately see five new hotels erected in the area.

“This is the first,” he stated. “I think you’re going to see two more hotels announced by the end of this year.”

The project, and the promise of more, was embraced by a cadre of local players, perhaps none more enthusiastic than Robbie Hunter, the head of the Los Angeles/Orange Counties Building Trades Council, which represents 140,000 construction workers. Hunter noted that the recession has pushed the unemployment rate in his field to nearly 40%.

The sentiment was echoed by Councilwoman Jan Perry, whose Ninth District includes the area around L.A. Live.

“Successful development brings more investment and more jobs,” she said.

Quick Deal

The $120 million project (the price includes the acquisition of the land from AEG) marks a return to Downtown Los Angeles for Williams. In the early 2000s, he and his partners acquired about a half-dozen South Park properties. The Elleven tower, which opened in 2006 with 176 condominiums, was the first new residential high-rise in the area in decades. Williams followed it up with the Luma and Evo buildings, creating another 236 and 311 condos, respectively.

The new project will be funded with American Life equity provided through the EB-5 Investor Green Card Program. It allows individuals who invest $500,000, and whose projects lead to the creation of at least 10 direct or indirect U.S. jobs, to get Green Cards.

Jo Hwang, marketing director for Seattle-based American Life, said more than 200 investors (including some American investors) will be involved in the Downtown project.

“U.S. companies get money pumped into the economy of the local community,” Hwang said, referring to the EB-5 program managed by American Life. “We create jobs, U.S. jobs, and foreign investors have a pathway to a Green Card through their investment. It’s a win-win for everyone.”

Williams said the Marriott deal came together in the past six to eight months, after he teamed up with American Life and heard about Leiweke’s plan for a football stadium. The tower, which will rise regardless of whether the stadium moves forward, officials said, occurred after Williams reached out to AEG to see if any property was available.

Although the hotel won’t break ground for about a year, Williams is already looking toward the future.

“We’d like to do two, three, maybe four projects down here,” he said. “That’s our goal. We like the neighborhood. We believe in it.”

While Williams’ past projects eased the way for other building in the area, not all of his South Park dreams came to fruition. A twin 34-story tower development known as Figueroa South faltered once the recession hit. The land where that project was slated to rise was eventually taken over by SwedBank. Parking lot giant L&R is now in escrow to acquire the land.

Williams is not the only one already looking to expand his footprint in Downtown. Tony Capuano, executive vice president of development for Marriott, Inc., said the firm is bullish on the area. In fact, with the new project, the hotelier will have five holdings in Downtown: In addition to the two properties in the Convention Center hotel (Marriott owns Ritz-Carlton), there is a Marriott at 333 S. Figueroa St.

“I think there’s room for a number of our other products Downtown,” Capuano said. “With the opportunity for the football stadium and the modernization of the Convention Center, we think there is lots and lots of runway ahead of us in terms of demand growth. We’ve got 18 lodging brands and we are aggressively and actively looking for opportunities to grow with some of those other brands in Downtown.”



上一則