Hotel development continues at LA Live with plans for a new Marriott
A new Marriott hotel is slated for across the street from the J.W. Marriott and the Ritz-Carlton.
DOWNTOWN LOS ANGELES — The push to develop the L.A. Live area into a tourist epicenter continues this week, as AEG announced plans for another new hotel in the area.
This will be the fifth hotel in the immediate vicinity.
"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," said President and CEO of AEG Tim Leiweke, in a statement.
AEG said they will be selling a 60,000-square-foot plot of land on the northeast corner of Olympic Boulevard and Georgia Street -- across from the JW Marriott. This new Renaissance Hotel is expected to have 450 rooms and cost approximately $200-million.
And the new hotel will not be lonely. L.A. Live already has the Ritz-Carlton, the JW Marriott and two new hotels that are currently under construction and will be located in a single 24-story tower: Marriott's Residence Inn for extended stays and a Courtyard by Marriott.
According to a statement from AEG, tourism expert and senior vice president of PKF Consulting Bruce Baltin said that DTLA needs 2,000 to 3,000 new hotel rooms to stay competitive in the convention world. This number excludes the 900 rooms already slotted for the new Wilshire Grand hotel.
“Since the opening of the JW Marriott Los Angeles L.A. LIVE and The Ritz-Carlton, Los Angeles hotels in early 2010, other downtown hotels have realized a significant increases in ADR (average daily rates) and occupancy levels,” said Baltin in a statement.
And last year Los Angeles as a whole saw a record 41.4 million visitors, according to a report from the Los Angeles Tourism and Convention Board. Direct visitor spending, hotel occupancy and hotel room nights sold set all-time highs last year as well.
Many of these people seem to be heading Downtown too -- with the L.A. Convention Center alone attracting more than 2.5 million visitors every year for trade shows, exhibitions and conventions of all kind.
The new Renaissance Hotel is slated to start construction in early 2014 and be completed by early 2016.