Marriott Internationals Chairman and CEO Bill Marriott and Chief Operating Officer, President and CEO-elect Arne M. Sorenson, AEGs Tim Leiweke, Mayor Antonio Villaraigosa, Councilwoman Jan Perry and other dignitaries convened at a special event to launch the new hotel development - comprised of a 23-story high-rise housing a 174-room Courtyard by Marriott, and a 218-room Residence Inn by Marriott, including 11,754 square feet of meeting facilities and 5,100 square feet of restaurant space.
A partnership of Seattle’s American Life Incorporated and Portland-based Williams/Dame & Associates announced today that it is poised to break ground on a $172-million, 373,000-square-foot hotel project in the heart of downtown Los Angeles – a project that officials say will further revitalize the area, create over 1,000 jobs, generate millions in revenue for the City and serve as a significant boon to convention business and the tourism industry.
Marriott International’s Chairman and CEO Bill Marriott and Chief Operating Officer, President and CEO-elect Arne M. Sorenson, AEG’s Tim Leiweke, Mayor Antonio Villaraigosa, Councilwoman Jan Perry and other dignitaries convened at a special event to launch the highly anticipated new hotel development – comprised of a 23-story high-rise housing a 174-room Courtyard by Marriott, and a 218-room Residence Inn by Marriott, including 11,754 square feet of meeting facilities and 5,100 square feet of restaurant space.
“According to a study by CLS International that was recently commissioned by LA INC. The Los Angeles Convention and Visitors Bureau, the average city has 7,300 hotel rooms available within a half mile of its convention center”
Construction is expected to begin in spring 2012, with the grand opening slated for summer 2014.
“We are proud to welcome Marriott’s two new hotels to the growing downtown revitalization,” said Mayor Antonio Villaraigosa. “The project is expected to generate over 1,000 new jobs once the project is complete in 2014.”
Adjacent to L.A. LIVE, the hotels will be at the corner of Olympic Boulevard and Francisco Street on an entitled site the developers purchased from AEG, the owner/operator of L.A. LIVE, the 4-million-square-foot sports, residential and entertainment district which has further fueled the renaissance of the downtown area that began when the company broke ground on STAPLES Center March 26, 1998.
The project partnership is spearheaded by American Life Inc., a real estate development and management company that specializes in EB-5 equity funding from overseas investors, and Williams/Dame and Associates, the development firm behind the city’s innovative “South Park” residential towers.
At today’s event, Project Executive Jim Atkins announced more details on the project, lauding it as a significant milestone in the continuing renewal and explosive growth of downtown Los Angeles.
“According to a study by CLS International that was recently commissioned by LA INC. The Los Angeles Convention and Visitors Bureau, the average city has 7,300 hotel rooms available within a half mile of its convention center,” Councilwoman Perry reported during the event. “Los Angeles has less than 1,700. These two Marriott properties will add nearly 400 rooms and boost our city’s competitive edge when it comes to attracting more convention business.”
Homer Williams of Williams/Dame and Associates said the project is expected to fuel new economic activity in addition to drawing new convention business to downtown L.A. “The property is optimally located within walking distance of the Los Angeles Convention Center and will drive convention and group business," he said. "Also, the influx of hotel guests will contribute over $89 million annually in off-site taxable spending throughout the area.”
Equity funding for the project has been provided through American Life Inc. Henry Liebman of American Life Inc. referred to the development as a stellar model of his company’s EB-5 financing program, which provides Green Cards for foreign nationals who invest a minimum of $500,000 for job-creating projects in targeted employment areas. Under the EB-5 program, each investment in a hotel development must encourage economic growth and result in the creation of 10 new full-time jobs.
The hotels represent the first dual construction of a Residence Inn and Courtyard by Marriott on the West Coast. According to Sorenson, the incoming CEO of Marriott International, which will manage the project, the hotels will also be the “only nationally-branded extended-stay and select-service venues within walking distance of the Los Angeles Convention Center, and will complement the J.W. Marriott Los Angeles, L.A. LIVE and The Ritz-Carlton hotel across the street. The Residence Inn provides a good option for families, while the Courtyard offers a variety of price points, appealing to a wider diversity of guests.”
The project is being built by SODO Builders LLC, with architecture by Portland’s GBD Architects and interior design by Seattle’s Degen & Degen.
The Development Team
About American Life Inc.
Co-founded by Henry Liebman (CEO) and Ray Klein (vice president), American Life Inc. is a fully integrated company that finances, develops and manages properties across key markets in the United States. The firm’s investment strategy provides current income and long-term capital growth to domestic and international EB-5 investors. In addition to real estate development, American Life has assisted numerous international investors in receiving lawful permanent U.S. residence through real estate investments or loans secured by real estate since 1996. The firm’s immigration-linked investment opportunities allow foreign nationals to invest in the U.S. and receive Green Cards through the EB-5 visa program, created by the Immigration Act of 1990.
About Williams/Dame & Associates
Williams/Dame & Associates is a Portland-based real estate development firm led by Homer Williams and Dike Dame. The firm has an organic approach to urban transformation, collaborating with public and private partners to create unique neighborhoods that blend quality housing, vibrant street first life and new business opportunities. The firm has led the redevelopment of the “South” neighborhood, a new high-rise community in South Park in downtown Los Angeles, as well as the Pearl and South Waterfront Districts in Portland, Oregon.
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