|Renderings from EB5 Global|
At long last, we catch a glimpse of LA Live's proposed Renaissance Hotel, which was announced by Williams & Dame Development earlier this year. The $200 million project will rise 21 stories at the northeast corner of Olympic Boulevard and Georgia Street, creating 450 upscale hotel rooms within easy walking distance of Staples Center and the LA Convention Center. The hotel will provide guests with event space, recreational amenities, restaurants and bars. Williams & Dame's newest Downtown hotel replaces a surface parking next to their 23-story Courtyard Marriott/Residence Inn project, which is scheduled to open its 393 rooms in summer 2014. The Renaissance Hotel will put City Hall slightly closer to its goal of 4,000 new hotel rooms surrounding the Convention Center. Hoteliers are currently rushing to take advantage of the underserved market, with several new projects in the pipeline. This includes multiple hotels slated for the Metropolis project, as well as up to 700 rooms in Oceanwide Real Estate Group's Fig Central development. The project was originally expected to start work in early 2014, but an exact groundbreaking date is unknown at this point in time. AEG's scale model of the future LA Live Campus indicates that the Renaissance Hotel is scheduled to open in 2017.