Office building near LAX to be converted to Marriott-brand hotel
From the LA Times, by Roger Vincent, February 28, 2014:
On the main boulevard leading to Los Angeles International Airport, an aging office building will be converted into a much more in-demand product: a hotel.
The 12-story Royal Airport Center at 5933 W. Century Blvd. will be turned into a 231-room Residence Inn by Marriott, contractor R.D. Olson Construction said.
Olson will perform the $44.5-million makeover for the building’s new owner, a limited liability company called Svi Lax.
Guest amenities are to include a pool, spa, fire pit, sports court, exercise room, business center and meeting space. The new Residence Inn will also have 3,000 square feet of shops and restaurants, Olson said.
The Residence Inn is set to open in January.
The long-suffering office market along Century Boulevard near the airport is one of the worst in Southern California for landlords. Fourth-quarter vacancy in the neighborhood was 40%, according to real estate brokerage Cushman & Wakefield.
Office vacancy at Royal Airport Center, which was built in 1982, was 41%, according to real estate data provider CoStar Group.
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