Headline: Downtown Los Angeles Hotel Shortage Helped by Chinese Investors: Visionary developers Wei Chen, Barry Beitler, and Chris Atkinson collaborate with local construction companies, community groups, and unions to build a distinctive hotel for the cost-conscious business travelers and millennials.
The Approval for entitlements for the 247 room, 18 story hotel located on James Wood Boulevard in the heart of LA Live was filed on November 3, 2016. Downtown Los Angeles has an acute 4,000 room shortage of reasonably priced hotel rooms. Most of the existing and planned downtown hotels offer luxury hotel rooms, which are too expensive for the business traveler. Due to this shortage, the Los Angeles Convention Center has been losing business to other cities.
Per the Central City Association Center, receipts for accommodations and food, catalyzed by the Downtown renaissance, increased by 68% between 2008 and 2013. The new hotel will also create 700 new jobs in Downtown Los Angeles.
In partnership with Barry Beitler and Pacific Property Partners, Sun Capital, is expertly positioned to build this modern hotel designed to revitalize the LA Convention Center in the formerly blighted area surrounding Staples Center and LA Live.
Sun Capital uses a sustainable approach to commercial real estate development. The company mines long-established relationships with local developers. This approach mitigates investment risk while ensuring Sun Capital access to high-quality projects. This carefully managed hotel development project will provide a continued return on investment, with little risk of loss.
"There is a megatrend for high-net worth Chinese migrating from Mainland China to Southern California. When they make investments, their favorite asset class is real estate. Our mission at Sun Capital is to reduce their investment risks by bridging these investors with local development partners."
----Wei Chen
Mr. Chen, Chairman of Sun Capital, grew his first company, Sunshine Enterprises, into the largest manufacturer and distributor of scaffolding products in North America.
- Pacific Property Partners has a thirty-year record of collaborating with local partners in commercial real estate investment and development.
- Beitler Commercial is a full-service real estate brokerage.
- Pacific Property Partners provides commercial real estate investment, development, brokerage, and management services.
The proposed Cambria branded hotel will operate under Choice Hotels International, Inc. (NYSE: CHH), with more than 6.400 hotels franchised in 40 countries. These contemporary hotel rooms will make guests feel as if they have been upgraded at no extra cost.
The Cambria at LA Live will offer personalized service for the business traveler. The business centers will utilize SkyTouch Technology products, including inventory management, pricing and connectivity to third-party channels, and free Wi-Fi. Amenities include a lobby, second-floor café, meeting rooms, and a rooftop pool and fitness center.