Beijing real estate firm Oceanwide Holdings has reached a deal with Hyatt Hotels to bring a Park Hyatt hotel to Downtown Los Angeles, the companies announced Monday.
The 184-key hotel with 34 suites will be included in the 752,000-square-foot Oceanwide Plaza development.
The $1 billion project, one of the largest in L.A. County, is slated for completion in early 2019, the L.A. Times reported, and will also include 500 condos and about 170,000 square feet of retail space. Three buildings will rise from the Downtown site — one 49-story tower and two 40-story towers.
Room prices are likely to be on par with the Ritz-Carlton nearby, where rooms go for $400 a night, Atlas Hospitality’s president, Alan Reay, told the Times.
The development will have “a distinct lifestyle that is both urban in design and serene in experience,” Oceanwide CEO Thomas Feng told the paper.
Chinese developers are becoming major players in DTLA. Since 2014, they’ve been involved in at least seven of 18 land deals worth more than $19 million, according to real estate firm Transwestern. [LAT] — Cathaleen Chen