Longstanding efforts to add new hotel stock near the Los Angeles Convention Center may receive a boost from an upcoming project.
According to a memo from the Los Angeles City Council's Economic Development Committee, a new proposal for a mixed-use complex would bring approximately 1,000 hotel rooms to a parking lot on Pico Boulevard between Figueroa and Flower Streets. The project, which would take the form of two high-rise towers, would also include ground-level retail space, parking, sky lobbies and amenities for hotel guests.
The currently unidentified developer of the proposed hotel has requested financial assistance to construct the project, citing similar incentives provided to developments such as Metropolis and the Wilshire Grand. The city has accepted a $150,000 payment from the developer which will fund an independent economic feasibility analysis of the project.
Further details about the proposed hotel are unavailable at this point in time.
The city had previously attempted to develop the property in 2012, issuing a request for proposals with the goal of ensuring the construction of a four-star or boutique establishment on the site. Although two interested parties placed offers, no hotel materialized.
A study from the Los Angeles Tourism & Convention Board claims that inadequate hotel and convention center space has cost the city upwards of $4.9 billion in economic activity between 2010 and 2014. The city has set a goal of increasing the number of hotel rooms within walking distance of the Convention Center from 3,172 to 8,000 in order to compete with rival facilities such as those in San Diego and Anaheim.
- Pico Boulevard - Figueroa Street Hotel Project (Los Angeles City Council)