Loan Approved to Purchase Two Skid Row Hotels

The Community Redevelopment Agency has approved a $2.6-million loan that will result in the acquisition of two Skid Row hotels, containing 519 units, by the nonprofit Single Room Occupancy Housing Corp.

The funds will be used to purchase the 289-unit Russ Hotel at 521 E. San Julian St., and the 230-room Panama Hotel at 403 East 5th St. Total price for the two properties is $4,060,000.

The acquisition of the Russ and Panama hotels will mark SRO’s second effort in this endeavor and will result in SRO being responsible for operating and rehabilitating more than 570 units of housing during its first year of operation.