Park Hyatt Los Angeles Downtown (Date unknown - orig. 2021)
Jan 8, 2022, 4:55 am
#61
Join Date: Feb 2018
Programs: Hyatt Lifetime Globalist
Posts: 644
It looks the same today as it has since last January's report above. My understanding is that there are significant liens on the property from the builders. Not to mention the curtainwall has not been completed and thus the internals have probably suffered some damage from the rain (yeah we do get them here once in a while and it was a particularly wet December).
Either the CCP is going to have to bail out Oceanwide or they will need to unload it it someone else for a huge loss.
This thing isn't going to be complete anytime soon.
Either the CCP is going to have to bail out Oceanwide or they will need to unload it it someone else for a huge loss.
This thing isn't going to be complete anytime soon.
CCP not an entity I would ever want to financially partner with.
Jan 8, 2022, 8:32 am
#62
Suspended
Join Date: Jul 2020
Programs: Delta Gold Medallion, Hyatt Globalist, Hilton Diamond
Posts: 1,010
I just googled the property owner of this property. Ton of bad news about CCP and the Evergrande default has this stalled and developers flocking away.
It looks the same today as it has since last January's report above. My understanding is that there are significant liens on the property from the builders. Not to mention the curtainwall has not been completed and thus the internals have probably suffered some damage from the rain (yeah we do get them here once in a while and it was a particularly wet December).
Either the CCP is going to have to bail out Oceanwide or they will need to unload it it someone else for a huge loss.
This thing isn't going to be complete anytime soon.
Either the CCP is going to have to bail out Oceanwide or they will need to unload it it someone else for a huge loss.
This thing isn't going to be complete anytime soon.
Jun 5, 2022, 11:43 am
#64
Join Date: Oct 2011
Location: San Francisco, CA
Programs: Hyatt Globalist, Hilton Gold
Posts: 32
Jul 26, 2022, 4:22 am
#66
Join Date: Jul 1999
Programs: QF WP, AA EXP
Posts: 3,520
I wouldn't count on it opening any time soon. Construction has been halted for years now. There are liens on the building by the unpaid contractors. Oceanwide is trying to unload it but there still isn't a buyer. There is still a lot of work to do on the building when they do finally re-start construction. It's been left open to the elements for the past few years as well.
Dec 2, 2022, 2:30 pm
#67
Join Date: Jan 2010
Posts: 1,333
Looks like the project finally has a potential buyer. Hopefully this means it will be open in time for the Olympics???
Jan 6, 2023, 1:31 pm
#68
FlyerTalk Evangelist
Join Date: Jun 2010
Location: TOA
Programs: HH Diamond, Marriott LTPP/Platinum Premier, Hyatt Lame-ist, UA !K
Posts: 20,061
This property (at least its name) popped up on a search ("coming soon").
Found a blog post out of OMAAT from September 2022 indicating that the overall development needs $2.3B to complete: Park Hyatt Los Angeles: What's the Latest?
David
Found a blog post out of OMAAT from September 2022 indicating that the overall development needs $2.3B to complete: Park Hyatt Los Angeles: What's the Latest?
David
Sep 15, 2023, 10:12 pm
#71
Join Date: Apr 2023
Posts: 43
Not sure if you can see this article beyond a paywall a few months back, but looks like they've officially defaulted and the property was going up for sale last month. Funny it's still listed on the Hyatt site.
https://www.google.com/amp/s/www.glo...block/%3famp=1
https://www.google.com/amp/s/www.glo...block/%3famp=1
Feb 5, 2024, 3:28 pm
#75
FlyerTalk Evangelist
Join Date: Aug 2008
Location: LAX
Programs: AA-PLT Pro 1.9 MM, Hyatt-Explorer, Marriott-Gold, Super 8--Formica
Posts: 17,392
Here is the latest setback for the property. 27 floors of the Oceanwide Plaza project were vandalized with graffiti.
Last edited by Trustguy; Feb 5, 2024 at 3:29 pm Reason: spelling error