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Several new hotels debuting downtown

Downtown Los Angeles will soon become home to several new hotels, including one that will be located in the historic Commercial Exchange building. Along with the new hotels set to debut, the Hotel Figueroa may experience some changes after being sold to new owners. The giant advertisements that can be seen on the south-facing walls of the hotel are well known, and it is unclear whether easements are in place that will protect the billboard space.

Prior to the new hotel plans, the Commercial Exchange building on Eighth Street has sat vacant for several years. The 13-story building opened in 1924 and was once the home of Tarzan author Edgar Rice Burroughs' office. Billionaire investor Ron Burkle and the Sydell Group now plan to turn the building into a 200-room Freehand hotel. The hotel will be aimed at young travelers, with private rooms as well as eight-bed group rooms available.

Another new hotel debuting in downtown is a 23-story Marriott tower. The building will contain 174 Courtyard by Marriott rooms that will be somewhat budget-friendly and designed for business travelers. The same building will also be home to 219 Residence Inn rooms designed with full kitchens and intended for extended stay guests.

Investors looking to get into the hotel business often enlist the help of a commercial law attorney. An attorney may be able to help explain any of the legal aspects involved in the real estate transaction so that no issues arise later on. If there should be a legal dispute, an attorney may be able to help all of the parties involved to come to an agreement that is more efficient and cost-effective than going to court.

Source: DT News, "Big Changes in Downtown Hotel Scene", Jon Regardie, July 17, 2014

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