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Figueroa is HHM's fourth property in Southern California and 18th on the West Coast.
PHILADELPHIA, July 15, 2014 /PRNewswire/ -- HHM is now managing the historic and eclectic Hotel Figueroa, an icon in Downtown Los Angeles. The Figueroa is directly across the street from L.A. LIVE, a 4 million square foot entertainment complex that most notably includes the STAPLES Center and Nokia Theatre. The hotel will join the company's Full Service Division and the 17 other managed properties on the West Coast. HHM will be managing the hotel on behalf of the new ownership, a joint venture between GreenOak Real Estate and Urban Lifestyle Hotels, which is comprised of Bradley Hall, Jack van Hartesvelt and Mark van Hartesvelt.
Originally built in 1925, Figueroa has 285 rooms, plus 25,000 sq. feet of special event and catering space (one third is outdoors), an outdoor swimming pool with whirlpool spa and a mezzanine lounge. Figueroa has been a sought-after venue for some of the biggest names in business and entertainment throughout the past decade, hosting Westside parties, movie premieres, photo shoots, film celebrations, and an extensive range of corporate events.
Currently, Downtown L.A. is one of the most vibrant and productive hotel markets in this cycle. The ongoing economic and development activity has spurred 27 million sq. feet of office space, 15 million visitors a year to L.A. LIVE, and more than 400 conventions and trade shows a year. Downtown's depth of market and momentum continues to rise through the area's transformation as a desirable residential location. It is also solidifying a reputation as a dynamic culinary center with a bustling entertainment scene.
HHM will complement Figueroa's perfect location and high demand as an entertainment venue with the company's expertise in operating independent hotels, ranging from luxury to lifestyle, as well as its ability to drive revenue and profit at large urban hotels in gateway markets.
"With nearly 30 independent hotels under management, almost half of which are on the West Coast, Figueroa is a welcome addition to our collection of highly desirable urban properties that benefit from excellent locations and multiple demand generators in their growing markets," HHM President & CEO Naveen P. Kakarla said. "We couldn't be more excited to have a presence in Downtown L.A., a market that is an increasingly enticing place for Southern Californians to live, work, visit and play."
HHM, formerly known as Hersha Hospitality Management, operates 115 hotels across the United States including 28 independent hotels ranging from the Rittenhouse Hotel, a AAA Five Diamond property in Philadelphia, to the Larkspur Landing Hotels, all-suite extended stay properties in Northern California and the Pacific Northwest. HHM also provides hotel and asset management to leading full service and select service brands from Marriott, Hilton, Hyatt, Starwood and Intercontinental Hotel Group. HHM's highly experienced team is accustomed to serving as a fiduciary to publicly traded companies, joint ventures, institutional real estate owners and private investors. Additional information can be found at www.hhmhospitality.com.
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