Envisioned as a 450-room property to be operated as a Renaissance Hotel, the new hotel will be the fourth Marriott International flag located at the gateway of L.A. LIVE. The approximately $200M project is anticipated to begin construction in first quarter of 2014 and completed by early 2016.
“This project furthers our commitment to the City of Los Angeles to deliver much needed high quality hotel rooms in downtown to support the anticipated modernization and expansion of our Los Angeles Convention Center,” said Timothy J. Leiweke, President and CEO, AEG. “Beginning with STAPLES Center and then, L.A. LIVE and our hotels, each development has resulted in substantial increases in new events for our City, an escalation in overnight stays at all of the downtown properties and an even greater demand for new quality hotels to meet these needs. Thanks to Homer’s continued faith in our City and proven investment strategy, there is no doubt that today’s announcement will be any different.”
Hotel and tourism expert Bruce Baltin, Senior Vice President at PKF Consulting has consistently projected that downtown Los Angeles requires 2,000 to 3,000 new hotel rooms excluding the rooms that will be replaced through the redevelopment of the former Wilshire Grand site. Baltin remarked that these additional hotel rooms are essential for Los Angeles to remain competitive in attracting large conventions and retaining existing business while enabling Los Angeles to join the nation’s top tier of Convention Centers in conjunction with the recently approved Los Angeles Convention Center Modernization and Farmers Field project.