George Smith Partners has announced a $50-million construction loan for the conversion of a 258,000-square-foot, 13-story office tower near LAX into a dual-branded Hyatt hotel.
The property, located on Century Boulevard mid-block between Aviation Boulevard and Avion Drive, will be transformed into a 129-key Hyatt House and a 272-room Hyatt Place by developer 5959 LLC, an affiliate of California Real Estate Regional Center.
The new hotels will feature mid-century inspired designs, with high ceilings and amenities such as a rooftop bar, a swimming pool, restaurant space and a fitness center.
Completion of the Hyatt development is anticipated in 2019.
The project, which was arranged by George Smith Partners’ Vice President Zachary Streit, comes not long after the completion of a similar office-to-hotel conversion located nearby on Century Boulevard.
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