A British hotel operator has purchased a historic building in downtown Los Angeles, California for $30 million and plans to transform the decaying structure into a hip, stylish hotel, according to JLL, the brokerage involved in the deal.
The investment is the latest bet that the neighborhood’s renaissance has created a place where tourists, not just business travelers eyeing a comfortable environment, want to lay down their heads. And with the money coming from overseas, it’s a sign investors worldwide think so too.
“Downtown is thriving and international companies are all taking note,” said Sara Lo, a senior manager specializing in the hospitality business at consulting and accounting firm Ernst & Young.
Just across the street, the 148-room Downtown L.A. Proper Hotel is planned in a vacant building constructed in the 1920s as the home of the Commercial Club of Southern California, a business booster group. Two blocks away is the popular Ace Hotel, a boutique that opened last year in the historic United Artists building and is credited with drawing more investment to the area.