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AEG, developers of L.A. Live, and Williams/Dame & Associates have announced a deal to develop a new 405-room Renaissance Hotel property at the northeast corner of Olympic Boulevard and Georgia Street. The $200 million project is expected to begin construction during the first quarter of 2014, with completion anticipated in early 2016.
“This project furthers our commitment to the City of Los Angeles to deliver much needed high-quality hotel rooms in downtown to support the anticipated modernization and expansion of our Los Angeles Convention Center,” said Timothy J. Leiweke, president and CEO of AEG. “Beginning with Staples Center and then, L.A. Live and our hotels, each development has resulted in substantial increases in new events for our city, an escalation in overnight stays at all of the downtown properties and an even greater demand for new quality hotels to meet these needs.”
In addition, two hotels are currently under construction by Williams/Dame & Associates and American Life, Inc. which include an extended-stay Residence Inn by Marriott and a select service Courtyard by Marriott, located together in a 24-story tower. Slated to open in July of 2014, this project will be adjacent to the new Renaissance Hotel.
“We are thrilled to have the opportunity to move on to the adjacent site and continue our hotel development program”, said Homer Williams of Williams/Dame and Associates. “The timing is ideal as we intend to complete and open the new Courtyard by Marriott and Residence Inn by Marriott Hotels in July of 2014, just a few months after we expect to break ground on this new hotel.”