Lifestyle Hotel Expands to West Coast
- Jan 06, 2016
The Witkoff Group and New Valley LLC are developing West Hollywood EDITION Hotel & Residences, an ultra-luxury lifestyle hotel and condominium development located in West Hollywood, Calif.
The lifestyle hotel concept, a partnership between Marriott International and Ian Schrager, opened its first EDITION property in Miami in 2014. The L.A. development will be the joint venture’s first entry out West.
JLL’s Hotels & Hospitality Group represented the group and helped it secure a $260 million loan in construction financing from Cornerstone Real Estate Advisors.
“After the Miami opening, with that being such an international destination and doing so well, L.A. is a perfect fit for that type of lifestyle brand,” Samantha Fisher, JLL’s senior vice president, told Commercial Property Executive. “L.A. is a huge gateway market and the goal of the brand is to get into all of the major gateway cities around the world, so it makes natural sense to be located here given its location, airports, and number of travellers.”
West Hollywood EDITION Hotel & Residences will total 486,743 square feet, with 190 keys and 20 EDITION branded luxury condominium units. Amenities will include a world-class restaurant, bar, two rooftop pools and nightlife venues.
The development will be located at Sunset and Doheny, uniquely positioned within the West Hollywood and Beverly Hills submarkets, which are both experiencing strong revenue per available room (RevPAR) growth driven by extremely favorable supply and demand fundamentals.
“Given this location in West Hollywood, which is always on the forefront of design, coolness and uniqueness, it’s just a great fit for this type of brand,” Fisher said. “This type of location is extremely unique and very appealing. There’s nothing else of this quality in this area.”
In addition to the hotel, there’s a large condo component to the project, and with a scarcity of high-end luxury condos in the area, Fisher noted it adds to the development’s high appeal.
The development is scheduled to open in 2018.
JLL’s Managing Director Dustin Stolly and Senior Vice Presidents Mike Huth, Brett Rosenberg and Fisher led the JLL team on the transaction.