DOWNTOWN LOS ANGELES - On April 19, a development group led by Portland-based Homer Williams announced that it is buying a parking lot on the northeast corner of Olympic Boulevard and Francisco Street, and will turn it into a two-hotel complex with 377 rooms. Williams, of the firm Williams/Dame & Associates, along with Seattle investment entity American Life, will pay $120 million to acquire the land from Anschutz Entertainment Group and build a 22-story tower that will hold 180 Courtyard by Marriott rooms and a separate 197-room Residence Inn. The 300,000-square-foot project, which will rise across the street from the 1,001-room Ritz-Carlton/J.W. Marriott hotel, is slated to break ground in March 2012 and open two years later. The project is fully financed by American Life and no loans are needed, said Williams.
page 9, 05/16/2011
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