Los Angeles, CA
Hotel - Predevelopment
ACRES Capital, LLC (“ACRES”) is pleased to announce the funding of an acquisition and predevelopment loan which will be used to begin the conversion of an existing residential rental building to an upscale, full-service, boutique hotel. The proposed 149-key hotel located in the Historic District of Los Angeles, California will be a stylish addition to an improved area. Amenities will include an open-concept ground floor lobby with restaurant/bar/bakery. There will be private meeting and function space, a fitness center and sky-bridge access to a rooftop space that will feature a swimming pool, bar and cabanas. The top level of the hotel will have a nightclub and lounge venue while the basement will have a speakeasy bar lounge.
“The hotel is located in one of Downtown Los Angeles’ most burgeoning and vibrant areas in terms of active development. There is a wave of redevelopment making it a true live-work-play environment. We are excited to once again team up with a deeply experienced Sponsor who recognizes the significant upside potential in bringing a new flag to the Los Angeles market,” according to Mark Fogel, President and CEO of ACRES.