Relevant Group scores $63M to build Thompson Hotel
The 190-key property will be part of the firm's growing hotel collection in Hollywood
UPDATED, Feb. 13, 2019, 11:38 a.m.: Development firm Relevant Group has secured a $63 million construction loan to build the boutique Thompson Hotel in Hollywood, expanding its collection of hotels in the neighborhood.
Calmwater Capital provided the financing, it said in a release. Plans call for 190 rooms and 188,390 square feet of space on a half-acre site at 1541 Wilcox Avenue. The hotel will include a rooftop pool and restaurant, a fitness center and 3,000 square feet of meeting space. The Thompson Hotel will be managed by Two Roads Hospitality.
The financing is Calmwater’s second partnership with Hollywood-based Relevant Group, after having provided $34 million for the addition of TAO Restaurant and other amenities at Relevant’s nearby 178-key Dream Hotel.
Relevant has recently proposed transforming the landmark Citizen News building at 1545-1551 Wilcox Avenue into a restaurant and event space. And last year, it filed plans to redevelop the 104-year-old Morrison Hotel in South Park.
Correction: An earlier version of the story reported a higher sales price for the loan, which was misreported by a communications firm working for Relevant Group.