The Hyatt Returns to Downtown Los Angeles

This week, The Shenzhen New World Group, a China-based real estate developer, announced plans to convert the L.A. Hotel Downtown, which it owns, into a Hyatt-Regency branded hotel.  The conversion will see the culmination of over $20 million of renovations, and is scheduled to finish in May of this year.  The press release states that "Each guestroom and suite will be redone in a welcoming palette of colors, and will feature new carpet, wall treatments, drapery, and all-new contemporary bedding and furnishings, as well as upgraded bathrooms and work areas. The hotel will receive exquisite new design upgrades as well as new floor plans for its more than 22,000 square feet of meeting and event space, which includes 17 versatile meeting rooms, two ballrooms, including 4,000 square feet of pre-function space."  Many contend that the luxury hotel industry is among those that suffer the most during recession, and so, its returning strength may logically be taken as a sure sign of economic vitality and prosperity.   Regardless, such an ambitious project demonstrates, at a minimum, the positive outlook shared by developers and investors alike concerning the future economic growth and development of Los Angeles.