Kyoto Grand Exits Bankruptcy
DOWNTOWN LOS ANGELES — Little Tokyo's Kyoto Grand hotel officially exited bankruptcy today, clearing the final hurdle in the hotel's conversion to a Doubletree.
Beverly Hills-based 3D Investments purchased the hotel and the Weller Court shopping center in 2007 for $54 million, but the entity set up to run the pair filed for bankruptcy reorganization in July of 2010 after lender First-Citizens Bank & Trust started the foreclosure process.
An order filed today by judge Barry Russell approves a settlement agreement reached with First-Citizens back in March and dismisses the bankruptcy case.
In the fall, First-Citizens had presented the court with a buyer for the complex, hoping to force a sale and get its money back. 3D Investments responded with a plan to bring Hilton's Doubletree brand to the hotel, a move that would use the chain's bookings infrastructure and reputation to fill rooms.
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