The formerly bankrupt Kyoto Grand Hotel and Gardens in downtown Los Angeles has been sold and will be reflagged as a DoubleTree by Hilton, the property’s new management company said Tuesday.
The hotel, which emerged from bankruptcy in April, will be managed by Rim Hospitality of Newport Beach, which operates the Sheraton Los Angeles Downtown Hotel, Sheraton Universal Hotel and Hilton’s Hampton Inn Brentwood.
The rebranding is expected to take place in the spring after extensive renovations. The hotel, which has never closed, is expected to remain open during construction.
Rim was chosen to manage the hotel by an entity of UBS Realty, a division of the Swiss financial services giant that reportedly paid about $45 million to buy the hotel from 3D Investment, a Century City firm that has owned the hotel since 2007. The hotel entered bankruptcy after 3D defaulted on the mortgage during the recession.
The 21-story, 430-room hotel at Los Angeles and First streets in Little Tokyo opened in 1977 as the New Otani Hotel & Garden. It has been popular with Japanese tourists and is known for its half-acre rooftop garden inspired by an ancient garden in Japan.
“We are thrilled to bring the DoubleTree by Hilton brand to downtown Los Angeles,” said Rim Chief Executive Mark Burden in a statement. “We look forward to partnering with the local business community and Little Tokyo Community Council on enhancing the Japanese Garden and overall experience at the hotel.”
The sale of the hotel closed this month.