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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.

Image courtesy of George Smith Partners

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125-Unit Affordable Housing Development Completed in Westlake

LINC Housing Corp. built the $57-million project.
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LINC Housing has completed construction of Mosaic Gardens at Westlake, a new affordable housing community located just west of Downtown Los Angeles.

The $57-million development rose from a long-vacant lot at the corner of Beverly Boulevard and Lucas Avenue, and consists of a six-story building featuring 125 one-, two-, and three-bedroom apartments serving the formerly homeless, low-income families, and seniors.  Rents in the building are set between $398 and