LOS ANGELES — A partnership between Seattle-based American Life Inc. and Portland-based Williams/Dame & Associates plans to break ground this spring on a $172 million hotel development in Los Angeles.
The 23-story, high-rise building will contain a 174-room Courtyard by Marriott, as well as a 218-room Residence Inn by Marriott. In addition, the property will include 11,754 square feet of meeting space and 5,100 square feet of restaurant space. Completion is slated for summer 2014.
“We are proud to welcome Marriott’s two new hotels to the growing downtown revitalization,” said Mayor Antonio Villaraigosa, in a prepared statement. “The project is expected to generate more than 1,000 new jobs once complete in 2014.”
The hotel is the first dual construction of a Residence Inn and a Courtyard by Marriott on the West Coast. The 373,000-square-foot hotel project will be located at the corner of Olympic Boulevard and Francisco Street, adjacent to L.A. LIVE, the 4 million-square-foot sports, residential and entertainment district.
“The property is optimally located within walking distance of the Los Angeles Convention Center and will drive convention and group business,” said Homer Williams, chairman of Williams/Dame & Associates, in a prepared statement. “Also, the influx of hotel guests will contribute more than $89 million annually in off-site taxable spending throughout the area.”
A study by CLS International recently commissioned by LA INC. The Los Angeles Convention and Visitors Bureau found that the average city has 7,300 hotel rooms available within a half mile of its convention center.
“Los Angeles has less than 1,700. These two Marriott properties will add nearly 400 rooms and boost our city’s competitive edge when it comes to attracting more convention business,” said Councilwoman Jan Perry, in a prepared statement.
American Life Inc. is providing equity funding for the project through its EB-5 program, which provides a Green Card for foreign nationals who invest a minimum of $500,000 for job-creating projects in targeted employment areas.
SODO Builders is constructing the project, with architecture by Portland-based GBD Architects and interior design by Seattle-based Degen & Degen.
— Savannah Duncan