A new hotel at Selma Avenue and Cahuenga Boulevard, Los Angeles, US, is to be run by Hampshire Hotels & Resorts under its Dream Hotel brand.
The nine-storey $45m property, which was originally to be called The Selma, was approved by city officials in 2008, but the project stalled because of a lack of funding.
Go deeper with GlobalData
Property developer Richard Heyman will receive funds for the project from a new federal programme, EB-5, which awards immigrants green cards if they invest at least $500,000 for development in targeted areas, according to latimes.com.
The Killefer Flammang Architects-designed hotel will include a rooftop swimming pool, a restaurant and a lounge to be built on top of a parking area.
The LA hotel will open in the third quarter of 2013 and will join the Dream Hotel portfolio of properties in New York, Miami Beach, Bangkok and Cochin.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
