Another hotel conversion planned for DTLA, this one at historic Continental Building

The property's latest buyer is continuing a trend Downtown

Los Angeles /
Apr.April 22, 2019 12:00 PM
The Continental Building with Anthony Klok and Gene Kornota

There’s another hotel conversion project slated for 4th and Spring streets in Downtown Los Angeles.

Chicago-based Rebel Hospitality has filed plans to make the historic Continental Building into a 140-room hotel, Urbanize reported.

Hotel conversion projects have been on the rise in Downtown, where a number of aging buildings have become prime targets for repositioning. In January, a report from Atlas Hospitality Group revealed L.A. County was leading the state in hotel development with 6,727 rooms under construction. More hotel rooms also opened in L.A. County in 2018 than anywhere else in California, according to Atlas.

Rebel plans on renovating the 12-story Continental Building and adding a restaurant, bar and a rooftop terrace. It’s also seeking a conditional use permit for a liquor license.

The firm bought the Continental Building, located at 408 Spring Street, in October for $28.6 million, records show. Developer Tom Gilmore sold the property, which he had converted to 56 loft-style apartments about two decades ago.

Formerly known as Braly Brock, the 1904-built tower rises 151 feet in the Historic Core neighborhood. It’s long been heralded as L.A.’s first skyscraper, completed just before the city passed a new law that would cap building heights at 150 feet until the 1950s.

Pending approvals, the Chicago-based hotelier, led by Gene Kornota and Anthony Klok, will be among three developers building at that intersection. OceanV, the hotel arm of PNK Group, is currently building an 180-room Cambria Hotel at 419 Spring Street, while CitizenM hotel chain expands its North American hotels with a 315 rooms just a few steps away. [Urbanize]Natalie Hoberman

 

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