Private investment firm Ennismore of London bought a property at 1060 S. Broadway, formerly known as the Los Angeles Railway Building, for $30 million, the Los Angeles Downtown News reported. Ennismore plans to convert the 1922 building into a Hoxton Hotel, a posh boutique.

The Hoxton would be the third boutique hotel in a three-block stretch, adding to the Ace Hotel, opened in 2014, and the Proper Hotel by the Kor Group and development partners Channing Henry and Frank Stork, which is scheduled to open early next year. They also occupy historic buildings.