Bev Hills's Crescent Apts. Becoming Pricey Extended-Stay Hotel

As the rash of hotel boutiqueness continues to spread across the land, the latest brings something new along with it: extended-stay. Pennsylvania developer Korman Communities has bought the The Crescent Beverly Hills apartments (on Crescent near Wilshire) and plans to turn the building into an 88-suite AKA Beverly Hills (the hotel was first rumored in December). They'll upgrade the lobby and add a lounge, cafe, fitness center, and outdoor space, according to the LA Times. Suites will start at $400 a night and require a 30-day minimum commitment--that means a baseline room rate of $12,000. AKA already has extended-stays in New York, Philly, and DC, "catering to affluent international leisure and business travelers and upscale consumers," but this is their first go on the West Coast. The Crescent apartments were just finished in 2006 and were renting for between $3,250 (for a one-bedroom) and $7,800 (for a large two-bedroom), according to Trulia. Korman paid $85 million for the property. The AKA is expected to open this June.
· Luxury extended-stay hotel coming to Beverly Hills [LAT]