A plan for a new hotel in downtown Los Angeles has been finalized. The number of hotel rooms in the area increased by about 16% last year but the demand for rooms went up by about 21%. Downtown LA already is experiencing a burst in hotel visits. It is an Oregon developer who plans to build a 22-story hotel near the L.A. Live entertainment center to serve this growing number of visitors to downtown Los Angeles. The developer has already signed an agreement with Marriott International Inc. to operate the proposed 337 room hotel on Olympic Boulevard under two of the company’s brands: Residence Inn by Marriott and Courtyard by Marriott.
The construction on the hotel project which is estimated to cost $120 million will start by March next year and we should see the Marriott hotel opening by 2014 as per plans. Williams/Dame & Associates are the Oregon developer who is leading the consortium that will build and own the project. They have some prestigious projects behind them including the condominium towers Evo, Luma and Elleven near Staples Center in the South Park district of downtown. This property will be an addition to some of the other Marriott hotels running in the area. They already operate a JW Marriott and a Ritz-Carlton in a skyscraper across Olympic on the campus of L.A. Live as well as a Marriott Hotel about seven blocks north on Figueroa Street.
Tony Capuano, executive vice president of development for Marriott believes that their large portfolio of brands gives them the advantage that they can be present in the same market at all the relevant price points to cater to a wide range of travelers and guests. Staples Center and L.A. Live venues including the Nokia Theater already host about 300 events every year. Farmers Field would continue to grow and attract a growing number of visitors. The addition of luxury hotels to The Marriott portfolio in the area will consolidate their position further.