Los Angeles is finally getting a Park Hyatt! The Wall Street Journal reports that Hyatt has reached a deal with Beijing-based Oceanwide Holdings to build a Park Hyatt in Oceanwide’s Los Angeles downtown project. The Oceanwide Plaza is the Chinese company’s first venture in the US market, and will include 504 condos, a ton of retail space (over 160,000 square feet), and a giant, 700-ft tall LED display.
The hotel will likely occupy one of the three high-rise of Oceanwide Plaza (formerly known as the Fig Central), which broke ground in 2015 and is set to be done by 2018. The Park Hyatt will reportedly have 183 rooms; for comparison, the Park Hyatt New York has 210 rooms.
Hyatt already has a number of hotels in the Los Angeles area. There are upscale offerings, like the Andaz West Hollywood. In the middle of the pack are a few Hyatt Regencies, including the new Hyatt Regency at LAX, which was renovated from the old Concourse Hotel. There are also mid- to low-range offerings, like the Hyatt Place and Hyatt House in El Segundo.
This is exciting news both for Los Angeles and for Hyatt. As a brand that positions itself as the top, leading luxury offering in the portfolio, it feels right to have a Park Hyatt in Los Angeles. David Tarr, an SVP of Hyattt, said that the company has been looking for a home for a Park Hyatt in Los Angeles for over 10 years. He said the company probably wouldn’t have considered downtown LA 10 years ago, but with the development of new entertainment, retail, and residential projects, it’s now a good fit.