The mystery partner for the convention center hotel was announced yesterday at Staples Center. KB Homes will join the money party, according to the Daily News. With construction costs rising from an estimated $450 million to now over $600 million and Apollo Real Estate Advisors having left the picture, KB Homes helps put development back on track.
The developers now plan a 50-story, L-shape building, with 50 to 100 more condominium homes than in the original design. Sales of the 250 luxury residential units will help offset the rising construction costs, Leiweke said.
The hotel is still intended to have 1,100 rooms and more than 70,000 square feet of hospitality, banquet and ballroom space, developers said.
A hotel operator has yet to be chosen, although the developers said they are negotiating with Hilton, Hyatt, Marriott and Westin, among other companies.
· Hotel plan back to life [Daily News]
· Convention Center Hotel Returns With Original (Mostly) Cast - Just Slightly Different Billings! [LA Cowboy]