Local real estate firm Pacific Property Partners has formed a joint venture with the private equity firm Sun Capital to build a Cambria Hotel in Downtown Los Angeles.

The project, which is slated for a property at James M. Wood Boulevard and Georgia Street, will consist of an 18-story tower featuring 247 guest rooms and ancillary functions, including meeting rooms, a fitness center, restaurant space and a rooftop pool.

According to a statement released by Sun Capital, the proposed Cambria Hotel emerges as the Downtown market suffers from a severe shortage of hotel rooms.  Previous studies have found that an additional 4,000 rooms are needed to ensure that the nearby Los Angeles Convention Center remains competitive with rival facilities along the West Coast.

Other nearby projects, including Metropolis and Oceanwide Plaza, are helping to put the City closer to that goal.

Sun Capital and Pacific Property Partners are looking to carve out a niche in an increasingly competitive market by marketing the Cambria as a stylish but affordable to a mostly high-end market that already includes a Ritz Carlton, and eventually a Park Hyatt.