Proposal will provide 1,100 hotel rooms to support The Los Angeles Convention Center expansion
New York, N.Y. – Lightstone, a national real estate investor/developer, announced today that it has submitted a master land use application to the City of Los Angeles for its first hotel project in the city. Fig+Pico Conference Center Hotels will bring 1,100 hotel rooms to Downtown Los Angeles directly across the street from the Convention Center, and will bring substantial construction jobs as well as permanent hospitality and retail jobs to the South Park neighborhood.
“This milestone for the Fig+Pico Conference Center Hotels Project signifies the earnest start of its administrative review process, as well as Lightstone’s commitment to support the City of Los Angeles’ need for quality hotel rooms that will facilitate the Convention Center expansion,” said Mitchell Hochberg, President of Lightstone. “We look forward to being a part of Downtown and the South Park neighborhood and contributing to the success of the expansion of the Convention Center.”
Proactively addressing the need for hotels outlined in the City’s Convention Center expansion proposal, Lightstone’s proposal provides a project comprised of three different hotel brands geared to support a wider range of convention center guests and tourists looking for a more affordable price point adjacent to the Convention Center. The project would also be positioned next to the Metro Pico Station light rail to connect tourists and visitors with Santa Monica, Long Beach, USC, Universal Studios and the transit hubs of downtown Los Angeles.
“We welcome Lightstone into South Park and look forward to their participation in our community,” said Jessica Lall, Executive Director of the South Park Business Improvement District. “The project will provide quality jobs for the community and redevelop a key parcel that can further connect Convention Center activities with the businesses and residents of South Park.”
The 1,100 hotel rooms will be located in two towers at the corner of S. Figueroa and W. Pico, and are being designed by world-renowned architectural firm, Gensler. The hotels will have ground floor retail fronting on S. Figueroa, W. Pico and Flower Street, a sky lobby, three pools, bars, restaurants, lounges and event space, all supporting the hotel guests and outside visitors. The hotels will also be supported by a six-story parking facility located at the base of the hotels for guest and event parking.
“Strategically located and thoughtfully designed hotels are a fundamental component of a dynamic Downtown Los Angeles,” said Carol Schatz, President and CEO of the Central City Association of Los Angeles. “The Lightstone hotel project is both, and would deliver the type of rooms and amenities that tourists want and the Convention Center needs for its expansion. We commend Lightstone’s investment in Downtown and its commitment to develop an important site in the central city core.”
The Fig+Pico Conference Center Hotels Project would mark Lightstone’s first project in Los Angeles. The company, which currently operates in 21 states, including California, recently opened an office in Downtown LA and is considering other projects throughout the Los Angeles area.
Lightstone is one of the most highly-regarded and diversified real estate companies in the United States. Since 1988, founder David Lichtenstein has grown Lightstone to one of the largest privately-held real estate companies in the country, with holdings in 21 states. Operating in all sectors of the real estate market, Lightstone’s $2 billion portfolio currently includes over 6 million square feet of office, retail and industrial commercial properties, 11,000 residential units and 3,200 hotel keys. It also owns over 12,000 land lots across the country. Headquartered in New York City, Lightstone continues to grow with $2.5 billion worth of projects currently under development in the residential and hospitality sectors
For more information, visit www.lightstonegroup.com.