I'm glad the development failed, as it was always the most confusing location for a Park Hyatt. The brand is not known for hosting conferences, large crowds for sports venues, or catering to super grungy artsy types... all of which DTLA is known for.
Why not pick West Hollywood or Beverly Hills like literally every other 5 star hotel? There's two giant lots ripe for development in West Hollywood right now, one on Sunset Blvd across from Chateau Marmont, and one on the border of Beverly Hills not far from the EDITION. Or even pick Santa Monica like Casa del Mar or Shutters on the Beach...