"Properties like the Century Plaza Hotel are one-of-a-kind; they have lasting value in any economic environment." That's New Century developer Michael Rosenfeld quoted in a June 2008 press release his company put out when he purchased the Avenue of the Stars hotel. What else Rosenfeld said about the hotel that he would now would like to replace with a two-tower hotel/condo project. “This is a rare opportunity to buy a jewel in my hometown." And this one: "The Century Plaza has been an LA icon since it opened in 1966." Meanwhile, the press release put out yesterday by New Century--in response to the hotel's inclusion on an endangered list--referenced the, err, economy. "We are disappointed to see the Century Plaza Hotel politicized in this way, particularly at a time when the City of Los Angeles is suffering from extreme economic hardship and is in dire need of new jobs."
· Los Angeles Real Estate Investor Buys Century Plaza Hotel [BusinessWire]
· Threatened Century Plaza Hotel Gets Huge Boost from Preservationists [Curbed LA]