By Alex Girda, Associate Editor
Los Angeles hotels have made appearances in many television programs, movies and books, but lately they have also been the subject of numerous news reports. The Bel Air, The Kyoto Grand and The Wilshire are just a few of the hotels that have been reported for their redevelopments, renovations or trades. Clearly, the California hotel market has become one of the recovery’s main artisans.
The market has been on fire, to the tune of $550 million in hospitality deals during the first 10 months of 2011, a remarkable 77 percent increase over the same timeframe last year, according to The Los Angeles Times. A big plus is that in a city that owes a large chunk of its charm to the film industry, a motion picture museum is ready to spring up, as well as a huge stadium, talk of an NFL franchise and several other projects that guarantee the need for venues that display the finest in hospitable services.
Meanwhile, DirecTV Group Inc. is doubling down when it comes to office space, as reports indicate it has signed a new and expanded lease for its El Segundo headquarters. The deal comes in at $300 million, a sum for which landlord Kilroy Realty Corp. will most likely keep tuning in with DirecTV. The new deal gives the broadcaster 630,000 square feet, with a further expansion to 720,000 square feet over the course of the next 16 years. The massive lease is the largest of its kind to be perfected during the last decade, Jones Lang LaSalle Co. said in the L.A. Times.