Just to the north and west of Hancock Park one can get caught in lots of traffic these days due to construction. The Sunset Strip is undergoing the biggest change the city has seen in well over 30 years. According to the January 25, 2016 edition of the LA Business Journal, the market is catching up the shortage in demand. There are many projects underway adding more than 758 hotel rooms and 254 residences along Sunset Blvd. Estimated value is $1 billion! Currently, average hotel occupancy rates are 82.6% in a context where 70% is a sign of strong demand. LA tourism is setting records for the 5th year in a row, largely driven by business conventions and Chinese and South Korean visitors.
Here’s a look at the vision for the reinvention of the “international entertainment capital”.
•The James Hotel developed by the CIM Group at Sunset & La Cienega. 296 hotel rooms, 2 restaurants, retail and 190 residential units. Hotel will be operated by NYC’s Denihan Hospitality Group.
• Marriott International bringing Ian Schrager “Edition” developed by NY’s Witkoff Group. 148 rooms + 20 residences
• Developer “Townscope Partners” has Frank Gehry designing multiuse @ 8150 Sunset (eastern side at base of Hollywood Hills). 249 units. Condos & apartments.
• Sunset Time – in place of House of Blues. 149 rooms + 40 residences.
• Arts Club Designed by Gensler in the former Hustler space. Gwyneth Paltrow minority owner. $2,900/year by invitation for Art enthusiast. 15 guest rooms.