Marriott International, Inc. (NYSE: MAR) is about to build a new 377-room hotel tower adjacent to L.A. LIVE. The 22-story high-rise will house two Marriott International hotel brands: Courtyard by MarriottÂ® and Residence Inn by MarriottÂ®. It will be built at the northwest corner of Olympic Boulevard and Francisco Street, on an entitled site the developers have agreed to purchase from AEG. Equity funding will be provided through the EB-5 Investor Green Card Program.
The partnership is led by Williams/Dame and Associates, the firm behind the city’s innovative “South Park” residential towers (EVO, Luma, and Elleven); American Life, Inc., a Seattle investment firm that specializes in EB-5 equity funding, along with Regional Center Management Los Angeles, the U.S. Citizenship and Immigration Services approved EB-5 Regional Center for Los Angeles and Hollywood; and commercial real estate firm Nomad Ventures LLC.
“We are pleased to join with Marriott International, American Life, Inc., Regional Center Management Los Angeles, and Nomad Ventures LLC in this important hospitality development that will create new jobs and vitality in downtown Los Angeles,” said Homer Williams of Williams/Dame & Associates. “It is clear to us that AEG’s leadership in creating L.A. LIVE continues to be a catalyst for economic activity in this neighborhood. We hope, and fully expect, that there will other investors with new projects right behind us.”
The new hotel project will encompass 377 hotel rooms and be managed by Marriott International. It will be convenient and well-situated for convention and event visitors to L.A. LIVE as well as those doing business in the downtown area. Construction on the 300,000 square-foot building is expected to begin in March 2012, with the grand opening slated for March 2014.
Courtyard by MarriottÂ® hotels are ideal for the technology savvy business traveler. The 180 guest rooms at the Courtyard by Marriott will be designed to provide comfort and functionality, allowing business travelers the ability to both work and relax. The brand’s contemporary, open and stylish lobbies are bright and welcoming with areas for guests to check e-mail, gather with colleagues or simply unwind over a night cap.
This company’s web site http://www.marriottnewsroom.com
Picture Credit: PR Newswire.
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