A recent press releasefrom Marriott News Center named the EB-5 Investor Green Card Program as the sole equity funder for a new 377-room Marriott hotel tower to be built in downtown Los Angeles.
American Life, Inc., which we profiled in an article last month, is partnering with Marriott International, EB-5 Regional Center Management Los Angeles, Williams/Dame and Associates, the firm behind the city?s innovative ?South Park? residential towers (EVO, Luma, and Elleven), and commercial real estate firm Nomad Ventures LLC in the effort.
According to the release, a new 22-story, 300,000 square-foot high-rise will house two Marriott International hotel brands: Courtyard by Marriott® and Residence Inn by Marriott® and will be located at the Northwest corner of Olympic Boulevard and Francisco Street.
?It is clear to us that AEG?s leadership in creating L.A. LIVE continues to be a catalyst for economic activity in this neighborhood. We hope, and fully expect, that there will other investors with new projects right behind us,? said Homer Williams of Williams/Dame & Associates.
The hotel will serve the near-by sports and entertainment district in hopes that it will become a convenient resting place for event visitors to the Nokia Theatre L.A. LIVE, as well as for business travelers working in the area.
The new development is anticipated to create many well-paying jobs and have a positive impact on both the Convention Center and overall dynamics of the city.
?This project will create countless local construction and permanent jobs and will expand Los Angeles? infrastructure to support large-scale conventions that generate significant revenue for the City,? said Los Angeles Mayor Antonio Villaraigosa.
Construction is still almost a year away, with an anticipated start date of March 2012. The hotel is scheduled to open in March 2014.