Developers are betting big on the Sunset Strip, known for its famous bars, clubs, restaurants and music venues.
A number of hotels are rising on the strip, including the West Hollywood Edition hotel and residences, scheduled to open in September. The project recently received a $300 million floating-rate loan from Deutsche Bank and Mirae Asset Daewoo Co. Ltd.
Located at 9040 Sunset Blvd., the
development will have a 190-room hotel and 20 condo units, as well as meeting and event space.
Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani and Chris Kramer secured the $300 million loan for the property, the commercial real estate services company said in a May 24 announcement.
West Hollywood Edition hotel and residences is one of several hotels planned for the area. Charles Co. has proposed a 237-room hotel at 9034 Sunset Blvd. Silver Creek Development Co. is planning a building with a 115-room hotel and a revamped Viper Room. And Combined Properties Inc. and AECOM Capital are working on the Pendry West Hollywood, which will have a 149-room hotel.
The hotels are looking to take advantage of the area’s tourism boom. In the 2017-2018 fiscal year, West Hollywood saw 3.59 million visitors who spent $1.73 billion, according to the West Hollywood Travel and Tourism Board.
