Marriott International Inc. purchased a 1.4-acre land parcel in West Hollywood intended to accommodate an Edition hotel, it was announced Tuesday.
The Sunset Strip property sold for $31.5 million, according to Sonnenblick-Eichner Co., a Beverly Hills real estate banking firm that arranged the deal.
The project design features a 190-room hotel with restaurants, a nightclub and a rooftop pool and bar.
"This site at the corner of Sunset and Doheny is arguably the best development site in Los Angeles for a luxury hotel and residences," company principal David Sonnenblick said in a statement. "We had significant interest from other hotel companies desirous of having a presence in Los Angeles."
Travel Weekly reported:
Marriott and its partner in the Edition brand, boutique hotelier Ian Schrager, are looking to reboot a brand that was first announced in 2007 but has been beset by a travel downturn and management issues.
Marriott and Schrager have just one Edition hotel, a 74-room property in Istanbul.
Marriott and Schrager early last year said five more Edition-branded hotels would open by 2015, including properties near New York’s Madison Square Park and in London’s Fitzrovia district near the city’s West End, as well as in Abu Dhabi, Bangkok and Miami Beach. ...
As for the West Hollywood site, Marriott is investing in a Los Angeles region where visitor counts and hotel values have been on the upswing, especially in the Hollywood-West Hollywood area.
"We were initially engaged by the fee owner to arrange for joint venture equity, construction financing, a brand/operator and a qualified luxury hotel developer to build the project," Elliot Eichner of Sonnenblick-Eichner said in a statement. "The final analysis was that the best execution on behalf of the owner was to sell the fully entitled site to Marriott International."
The development will offer unobstructed views of the Hollywood Hills, the Los Angeles Basin and Pacific Ocean from the future Edition's guestrooms and residential suites, according to Sonnenblick-Eichner.
The firm didn't announce a timetable for construction.