Word got out last month that South Park's very visible, triple-towered Figueroa Hotel had sold, and now a sigh of relief as we know for sure that their awesome bar is safe—the entire hotel is going to be restored and improved. The Downtown News says that the 285 rooms at the "Moroccan-themed" hotel will be modernized and redone "with a more modern flair." The new owners are also bringing in boutique hotel firm HHM to run the joint and hoping to make Fig an "urban lifestyle" hotel (whatever that is!) to "reflect the renaissance of what is happening throughout the Central City." So every room will probably get a Keurig and the rates will go up (right now the hotel has some of the lowest rates in Downtown). Where will the tour groups sleep now?
New owners Green Oak Real Estate and Urban Lifestyle Hotels bought the building—which originally opened as a YMCA in 1925—from two family trusts who'd shared ownership of the property since the 1930s; the new owners say they spent a lot of time during the buying process discussing how they could act as "stewards" of the building. No timeline's been announced yet for the upgrades, but they'll be done in phases and the hotel will be open during renovation.
The hotel is right next to LA Live, which makes it a pretty happening property in a construction-happy zone. A new double Marriott recently opened a block away, and the carwash next door to Hotel Fig was purchased for $25 million a few months ago. Developers are hoping to put a luxury high-rise full of condos on the spot.
· Hotel Fig to Become Boutique Hotel [LADN]