LOS ANGELES, April 19, 2011 /PRNewswire/ -- A seasoned development partnership with a strong record of success in downtown Los Angeles today announced an agreement with Marriott International, Inc. (NYSE: MAR) to develop a new 377-room hotel tower adjacent to L.A. LIVE. The 22-story high-rise will house two Marriott International hotel brands: Courtyard by Marriott® and Residence Inn by Marriott®. It will be built at the Northwest corner of Olympic Boulevard and Francisco Street, on an entitled site the developers have agreed to purchase from AEG. Equity funding will be provided through the EB-5 Investor Green Card Program.
The partnership is led by Williams/Dame and Associates, the firm behind the city's innovative "South Park" residential towers (EVO, Luma, and Elleven); American Life, Inc., a Seattle investment firm that specializes in EB-5 equity funding, along with Regional Center Management Los Angeles, the U.S. Citizenship and Immigration Services approved EB-5 Regional Center for Los Angeles and Hollywood; and commercial real estate firm Nomad Ventures LLC.
"We are pleased to join with Marriott International, American Life, Inc., Regional Center Management Los Angeles, and Nomad Ventures LLC in this important hospitality development that will create new jobs and vitality in downtown Los Angeles," said Homer Williams of Williams/Dame & Associates. "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."
The new hotel project will encompass 377 hotel rooms and be managed by Marriott International. It will be convenient and well-situated for convention and event visitors to L.A. LIVE as well as those doing business in the downtown area. Construction on the 300,000 square-foot building is expected to begin in March 2012, with the grand opening slated for March 2014.
Courtyard by Marriott® hotels are ideal for the technology savvy business traveler. The 180 guest rooms at the Courtyard by Marriott will be designed to provide comfort and functionality, allowing business travelers the ability to both work and relax. The brand's contemporary, open and stylish lobbies are bright and welcoming with areas for guests to check e-mail, gather with colleagues or simply unwind over a night cap.
As a leader in extended-stay, Residence Inn by Marriott® allows guests to thrive while on long stays, with spacious suites equipped with full kitchens and separate living and sleeping areas. Guests of the 197-room hotel will receive personalized service to make them feel welcomed and appreciated. Connectivity to home and office, health and fitness options, comfortable public areas indoors and outdoors allow travelers to maintain balance while on the road.
The new Courtyard by Marriott® and Residence Inn by Marriott® will be directly across the street from and will rely on the adjacent amenities available at the award-winning JW Marriott Los Angeles, L.A. LIVE and The Ritz-Carlton, Los Angeles, hotels. These amenities include meeting and banquet areas and the Ritz-Carlton Spa, as well as cafe and dining options within the hotels and L.A. LIVE.
Co-founded by Henry Liebman (CEO) and Ray Klein (Vice President), American Life, Inc. is a fully integrated company that finances, develops and manages properties across key markets in the United States. The firm's debt-free investment strategy provides current income and long-term capital growth to domestic and international EB-5 investors. In addition to real estate development, American Life has assisted numerous international investors in receiving lawful permanent U.S. residence through mortgage-free real estate investments or loans secured by real estate since 1996. The firm's immigration-linked investment opportunities allow foreign nationals to invest in the U.S. and receive Green Cards through the EB-5 visa program, created by the Immigration Act of 1990.
About Regional Center Management Los Angeles, LLC (RCMLA)
RCMLA received designation as a Regional Center under the Immigrant Investor Pilot Program on October 30, 2008 from US Citizenship and Immigration Services. According to immigration attorney Mark Ivener, one of RCMLA's founders, "the Regional Center will pursue a diversified portfolio of real estate investment and development that will result in direct and indirect job creation including hospitality."
Williams/Dame & Associates is a Portland-based real estate development firm led by Homer Williams and Dike Dame. The firm has an organic approach to urban transformation, collaborating with public and private partners to create unique neighborhoods that blend quality housing, vibrant street first life and new business opportunities. The firm has led the redevelopment of the "South" neighborhood, a new high-rise community in South Park in downtown Los Angeles, as well as the Pearl and South Waterfront Districts in Portland, Oregon.
Nomad Ventures LLC, founded by B. Scott Fuller, delivers a team of professionals who together offer decades of real estate experience negotiating complex real estate transactions, assembling ventures, and developing commercial properties. Nomad Ventures LLC coordinates and provides equity infusions to capitalize properties and ownerships now often neglected by more traditional real estate capital sources. The firm works from offices in Los Angeles, CA, Seattle and Vancouver, WA, Portland and Ashland, OR, and Sun Valley, Idaho.