CECIL HOTEL TO UNDERGO $100M RENO
The renovation of the famed Cecil Hotel, now known as Stay on Main, in downtown LA is expected to cost $100M. The building will have 301 micro-apartments and a boutique hotel. Simon Baron Development has a 99-year ground lease on the property signed with the building’s owner, 248 Haynes Hotel Associates. Out of the building’s 600 rooms, 301 of them are subject to preservation under a city ordinance, and since 30 are occupied, the tenants would be eligible for permanent or temporary relocation benefits, according to the LA Times.
The micro-units, which would range in size from 150 to 325 SF, would come fully furnished and will be designed by New York’s Ollie. There will be space-savers in the units and amenities in the building including programs such as guest lecturers, a rooftop swimming pool and a gym. Work is scheduled to begin in the spring of next year and last for around two years.
Read more at: https://www.bisnow.com/los-angeles/news/hotel/details-on-dtlas-cecil-hotel-60824?rt=18354&utm_source=MorningBrief&utm_medium=email&utm_campaign=20160603_los-angeles_morningbrief&be=%7B%7Bemail%7D%7D?utm_source=CopyShare&utm_medium=Browser