A British company has just made a real estate investment in Los Angeles with plans of running a boutique hotel.
According to LA Downtown News, British company, a private investment firm known as Ennismore of London bought a property in downtown Los Angeles for $30 million. A press release was made regarding the sale of the 10-story building that was originally built in 1922. It initially served as a headquarters for the Los Angeles Railway and its yellow cars back then. The sale led to speculations that a hub of boutique hotels will soon rise in the southern parts of Broadway.
With regards to the building, the plan is to turn the 89,136 sq. ft. structure into Hoxton hotel. The company want the hotel to be regarded as an "anti-hotel," which refers to the company usual tendency to adapt into hip localities by including bars and restaurants that would attract even those who would not be staying for the night. As of now, the company has shared only limited details of the plan. There is no information about the number of rooms or whatever amenities the hotel will have. The company is currently keeping financial details under wraps.
According to LA Downtown News, the sale involved Jones Lang LaSalle (JLL), which represented the seller, a private entity that chose to remain unnamed. JLL vice president Mike Condon Jr. took care of the transaction and said, "We found a buyer within 21 days of softly marketing the site. It was basically a vacant office building, with some tenants on the ground floor." None was said beyond the fact that the building sold quickly.
The first Hoxton hotel started in the Shoreditch neighborhood of London in 2006. The company later added another branch in London and another hotel in Amsterdam. In the U.S. one is scheduled to open in Williamsburg neighborhood in Brooklyn in 2017. This one in Los Angeles will be next.
