A four-star hotel specifically aimed at the millennial set will begin construction just north of L.A. Live in the first week of October, according to the team bringing the development to market.
Philip Powers of downtown equity firm Sun Capital and a developer of Cambria Hotel at L.A. Live, said the project is designed to appeal to millennials with its affordability and connectivity to transportation and the internet.
“There’s been quite a lot of activity with the new Intercontinental (Los Angeles Downtown) and the Park Hyatt coming on, and several others, but we’re really the only one that is, No. 1, affordable, which is important because the (Los Angeles) Convention Center needs affordable rooms, and this is oriented toward millennial business travelers,” Powers said.
The hotel will have to compete not only with large corporate hotels in the area, but also hip boutiques popular with millennials that have been on the rise.
Powers said the nightly rate for Cambria would be between about $220 and $240. That’s close to the current $251 a night rate listed at Hotels.com for the four-star Luxe City Center Hotel, across the street from L.A. Live at 1020 S. Figueroa St.
“Our goal is to really target not only business travelers but leisure travelers as well,” he said.
The 247-room Cambria is expected to open in the first quarter of 2019, according to the developers.
Brentwood’s Pacific Property Partners and Barry Beitler, a managing partner at the firm, are teaming up with Sun Capital to build the hotel. Sun and Rockville, Md.-based Choice Hotels partnered in 2015 to purchase the property, at 926 James M. Wood Blvd., for $14.5 million in an all-cash transaction.
The total project is expected to cost between $90 million and $100 million, the developers said.
Bruce Greenfield of Orange-based Architects Orange designed the hotel, which is expected to feature a rooftop swimming pool and a lobby lounge.
The new two-building Santa Monica Gateway creative office campus at 2834 Colorado Ave. in Santa Monica has a new entertainment tenant.
The space will be used to house operations for Starz Inc., an Englewood, Colo., media company that Santa Monica’s Lionsgate Entertainment acquired last year.
Jones Lang LaSalle announced it secured the 60,166-square-foot lease for the property – nearly half of its 134,000 square feet – built and owned by North Hollywood developer Colorado Creative Studios.
JLL’s team of Carl Muhlstein, Tom Cherry, Hayley Blockley and Nick Niemann represented Colorado Creative in the lease. Lionsgate was represented by James Travers and Lawson Martin of downtown’s Travers Cresa.
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