Downtown's United Artists Theatre Sells, Hotel Rumors Persist

Here's at least a partial explanation for what happened to Downtown's famous Jesus Saves signs, which were mysteriously removed last month. In what sounds like a pretty sweet deal, a Connecticut-based real estate investment company has paid $11 million for the United Artists Theatre on South Broadway, reports Brigham Yen (it went on the market for $15 million back in '09). The theater was built in 1927 and, like many on Broadway, is currently used as a church--it put up the Jesus Saves signs back in 1989. The buyer, Greenfield Partners, has lots of history developing hotels and Yen, who once worked for the Downtown Center Business Improvement District, says he hears rumors that the trendy Ace hotel chain (Seattle, Portland, Palm Springs, New York) may be interested in the UA building. A few weeks ago, Ace owner Alex Calderwood denied that the historic theater was on their radar, but in February 2010 he did say that Ace was circling LA.
· UA Theater Purchased by Hotel Developer [Brigham Yen]
· One of Downtown's Jesus Saves Signs Removed [Curbed LA]