{"id":1004147867,"date":"2016-07-11T23:09:57","date_gmt":"2016-07-12T07:09:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004147867"},"modified":"2022-12-08T20:33:45","modified_gmt":"2022-12-09T04:33:45","slug":"a-suite-1b-deal-for-las-century-plaza-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/a-suite-1b-deal-for-las-century-plaza-hotel\/","title":{"rendered":"Suite $1B Deal for LA Century Plaza Hotel"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/p>\n

\"Rendering<\/a>

Rendering of the Century Plaza Hotel, Los Angeles<\/p><\/div>\n

Los Angeles<\/strong>\u2014Construction financing totaling just over $1 billion for the Century Plaza Hotel redevelopment in Los Angeles\u2019 Century City area has been secured, according to developer Next Century Partners LLC. The funding consists of a $446 million senior loan from J.P. Morgan Chase, $120 million mezzanine financing from an investment vehicle managed by Colony Capital and $450 million of EB-5 financing provided by CMB Export LLC Regional Center.<\/p>\n

The $2.5 billion Century Plaza mixed-use development will feature two 46-story luxury residential towers, restaurants, retail shops and a redevelopment of the Hyatt Regency Century Plaza Hotel (which closed in March) into a new 5-star hotel with 400 rooms and residences. The revamped hotel\u2019s operator has not yet been announced, but reportedly it will not be Hyatt.<\/p>\n

Next Century did not respond to Commercial Property Executive<\/a><\/em>\u2019s request for additional information.<\/p>\n

The project has had a long genesis. When Next Century, formed by Michael Rosenfeld, founder &\u00a0CEO of Woodridge Capital Partners LLC, bought the 19-story hotel and 5.74-acre site for $366.5 million in 2008, the plan was to demolish the hotel and replace it with two towers\u2014one featuring luxury condos and the other with a hotel and residences. Opposition to razing the hotel, at 2025 Avenue of the Stars, arose in several quarters, however, and in August 2010 New Century unveiled a new $1.5 billion proposal.<\/p>\n

In January 2013, when the Los Angeles City Council gave its unanimous final approval<\/a> to the redevelopment plan, construction was expected to start early the following year. That obviously didn\u2019t happen, and last December Next Century announced<\/a> that the project would break ground this past March with a price tag of $2.5 billion.<\/p>\n

Now that construction funding is set, construction is supposed to be under way \u201clater this summer,\u201d according to Next Century\u2019s latest announcement.<\/p>\n

The project, designed by Pei Cobb Freed, will also include nearly 100,000 square feet of retail and restaurant space; roughly\u00a02 acres of plazas, water features and courtyards; and parking below ground on site and in an adjacent garage.<\/p>\n

On a much longer time frame\u2014roughly 2026 according to the current schedule, the extension of the LA County Metro\u2019s Purple Line should result in a station at Century City, with direct access from the Century Plaza site.<\/p>\n","protected":false},"excerpt":{"rendered":"

Next Century Partners has secured construction financing for the redevelopment of the 19-story hotel.<\/p>\n","protected":false},"author":882,"featured_media":1004147868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21751,21783,1594,21742,15],"tags":[],"class_list":["post-1004147867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-hotel","category-investment","category-los-angeles","category-latest","category-west"],"acf":[],"yoast_head":"\nSuite $1B Deal for LA Century Plaza Hotel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/a-suite-1b-deal-for-las-century-plaza-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Suite $1B Deal for LA Century Plaza Hotel\" \/>\n<meta property=\"og:description\" content=\"Next Century Partners has secured construction financing for the redevelopment of the 19-story hotel.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/a-suite-1b-deal-for-las-century-plaza-hotel\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-07-12T07:09:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:33:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/CenturyPlaza_AOS_Entry_Night_View-smaller.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/a-suite-1b-deal-for-las-century-plaza-hotel\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/a-suite-1b-deal-for-las-century-plaza-hotel\/\",\"name\":\"Suite $1B Deal for LA Century Plaza Hotel - 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