British hotel company Hoxton has purchased a decaying building in Downtown Los Angeles for $30 million with a view towards developing it into a hip boutique hotel, the Los Angeles Times reported.
The property, at 1060 S. Broadway, dates back to the 1920s and totals 89,136 square feet. It was formerly home to the L.A. County Metropolitan Transportation Authority.
The deal was brokered by Mike Condon Jr. of JLL.
Hoxton is just the latest in a string of hoteliers to set their sights on Downtown. Just across the street, a 148-room Downtown L.A. Proper Hotel is slated to open. An Ace Hotel also recently opened two blocks away.
“This is going to be the next corner — with everything that is happening here — the hottest corner in downtown L.A.,” Condon said. [LA Times] — Katherine Clarke