Big news comes to South Park this week regarding the massive Oceanwide Plaza project being built across the street from the Staples Center and LA Live complex. The Wall Street Journal released an article this past Monday confirming our initial report that Park Hyatt has been chosen to anchor the $1 billion mixed-user, ousting the still-untested Roberto Cavalli hotel brand that was originally slated to go into the Oceanwide Plaza. DTLA Rising first reported that Park Hyatt was the likely replacement for Cavalli back in Feb 2016.
Park Hyatt will be housed in a 49-story high-rise tower located along 11th Street between Figueroa and Flower. The tower will include 183 hotel rooms as well as luxury condos. Two more twin 40-story towers will rise just south of the hotel. In total, there will be 504 condominiums for sale within three towers sitting on top of a large 166,000 square foot shopping center when the project is completed in early 2019. Renderings of the project also show that an exciting and visually stunning 700-foot long LED signage board will wrap the exterior of the shopping center along Figueroa.
Park Hyatt coming to Oceanwide Plaza is yet another very strong sign that the Downtown LA hotel market is hotter than ever with another 900-room Intercontinental going into the Wilshire Grand up the street. This is a huge win for DTLA as the posh hotel chain is not only the most prestigious and exclusive brand in Hyatt’s extensive portfolio, but the new downtown location will be the only “urban Park Hyatt” on the West Coast (and the only other Park Hyatt on the West Coast is a suburban Park Hyatt resort in Carlsbad near San Diego). In fact, there are only three other urban locations in the United States including: New York, Chicago, and Washington DC. To me, having Downtown LA join an exclusive list of the most sophisticated urban centers in the country is very exciting, indeed.
According to David Tarr, a senior vice president at Park Hyatt, they’ve been looking to open a location in Los Angeles for the last decade and it’s really Downtown LA’s development boom that grabbed their attention.
“A decade ago Downtown LA probably wouldn’t have fit the bill” for a new Park Hyatt, Tarr said in the WSJ article. “Today it absolutely does.”
For renderings of the project, click here.