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Los Angeles Hotels
Downtown L.A. office building to be converted to hip hotel
Downtown L.A. office building to be converted to hip hotel

A long-vacant 1920s office building in a recovering neighborhood of downtown Los Angeles has been purchased by prominent developers who intend to make it into a hip hotel for young people traveling on a budget. The 13-story Commercial Exchange Building at 8th and Olive streets is in the midst of a rapidly gentrifying area where new apartments, restaurants, stores and a hotel have recently opened or are under construction. Its new owner is Sydell Group Ltd., which has developed such au courant inns as the Ace Hotel in New York and the Line on Wilshire Boulevard in the Koreatown district of Los Angeles. Sydell's financial partners are Yucaipa Cos. and AllianceBernstein. Terms of the...

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