Canyon Partners is giving a jolt of life to a Hyatt hotel project near Downtown Los Angeles.
The firm provided a $49 million loan for the development of a five-story, 200-room Hyatt House Hotel at the University of Southern California Health Sciences Campus, about three miles northeast of Downtown.
The new building, which will be the only hotel on the health sciences campus, will include about 18,000 square feet of conference center space and 14,000 square feet for “fast-casual” restaurants, according to a press release from Canyon. The hotel will also include a fitness facility, pool and spa, and a lobby bar.
The developer is an affiliate of The Mayer Corporation.
The investment comes five months after crews started building a pair of new Hyatt projects near LAX. The Westside-based California Real Estate Regional Center – an EB-5 developer – started building a 272-room Hyatt Place LAX and 129-room Hyatt House LAX on Century Boulevard. And Mayer recently renovated the 517-room Hyatt Regency, and expanded the 437-room Hilton Waterfront Hotel, both in Huntington Beach.