blogdowntown 89.3 KPCC | Southern California Public Radio

Stay Connected

@blogdowntown on Twitter
blogdowntown on Facebook


 

Kyoto Grand Exits Bankruptcy

By Eric Richardson
Published: Monday, April 18, 2011, at 02:53PM
Kyoto Grand / Weller Court Eric Richardson [Flickr]

Little Tokyo's Kyoto Grand Hotel was built in 1977 as the New Otani Hotel.

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.

SHARE:

Tweet This Story || Share on Facebook

Related Stories: