An investor bought the downtown Marriott for an estimated $115 million.
The property, which includes a four-story office building and four-screen theater, soon will undergo extensive renovation valued at as much as $30 million, Namvar said.
'It could be a four-star hotel with a little renovation,' he said.That, in and of itself, isn’t all that interesting, but it signals that hotels downtown are quite desirable for investors. If anyone was skeptical that downtown is coming back, they may need to rethink that. Hotels downtown are getting all classy ‘n’ stuff. Soon downtown will be exclusively a playground for the rich. Hooray! Nevermind the homeless encampment just a few blocks away, hotel occupancy last year was 73%, compared to 50% in 2002. Rates are increasing accordingly, with $200 per night becoming the norm very soon. Anyway, the Marriott will continue to be a Marriott but just a bit pricier now.
· Downtown LA Marriott is Sold [LA Times]