DOWNTOWN LOS ANGELES — Local tourism and convention industry officials have long said that Downtown Los Angeles is severely lacking in the number of hotel rooms within walking distance of the Convention Center. A move this week could help change that.
Anschutz Entertainment Group announced on Thursday that it is selling a 60,000-square-foot parcel on the northeast corner of Olympic Boulevard and Georgia Street to William/Dame & Associates. The Portland-based firm will build a $200 million Renaissance Hotel on the site. The 450-room establishment is slated to break ground in the first quarter of next year and finish in 2016.
This marks the second hotel project in the vicinity for William/Dame. The developer is currently building a 23-story tower that will house a Courtyard by Marriott and a Residence Inn in a single building. The $172 million project will bring 392 rooms online in July 2014.
“We are thrilled to have the opportunity to move on to the adjacent site and continue our hotel development program,” said Homer Williams of Williams/Dame, who also developed South Park’s Elleven, Evo and Luma condominium complexes.
Hotel and tourism officials have long said that the limited number of hotel rooms within walking distance of the Convention Center has frustrated meeting planners who might otherwise choose Downtown as a site for major conventions. In the past few years AEG, which developed Staples Center and L.A. Live, said its proposed Farmers Field/Convention Center expansion plan could propel the creation of 5,000 more hotel rooms in the area.
The Renaissance is part of the Marriott brand, and it continues a major Downtown play for the company. In addition to the two Marriott properties in the other Williams/Dame project, the existing 1,001-room Convention Center hotel contains an 878-room JW Marriott and a 123-room Ritz-Carlton. Marriott owns the Ritz.
Copyright 2013 Los Angeles Downtown News.