In 2009, the property at 1248 S. Figueroa St. and 601 W. Pico Blvd., originally a car dealership, was acquired during the peak of the real estate recession. Subsequent to the acquisition, the property underwent a significant transformation, involving extensive retrofitting and renovations, ultimately leading to its conversion into a hospitality establishment.
Strategically situated directly across the street from the Los Angeles Convention Center and the former Staples Center, which once served as the home venue for the Los Angeles Lakers, LA Kings, and Los Clippers, the property was thoughtfully reconfigured into three separate floors, each hosting distinct hospitality venues. Notably, these venues included the renowned Hooters Restaurant, the iconic El Compadre restaurant, and an enticing rooftop bar and restaurant.
The property’s ownership engaged in a collaborative partnership with the buyer to successfully obtain entitlements for an ambitious redevelopment plan. This plan envisioned the creation of a sprawling 600,000-square-foot facility featuring 727 guest rooms, 65,000 square feet of versatile meeting spaces, a diverse array of restaurants and bars (comprising 12 unique concepts), 8,000 square feet of retail space enveloped by an impressive glass facade, and an inviting landscaped pool deck.