Council OKs Funds to Buy Hotel Site
Despite continued opposition by some residents, the Monterey Park City Council has approved paying $4 million for a seven-acre site at the Los Angeles Corporate Center, where a 225-room Embassy Suites Hotel would be developed.
The hotel project, approved by a 4-1 vote this week, could result in the city’s gaining $750,000 in revenues and taxes annually, city officials say. Beyond that, City Manager Mark Lewis said the hotel would be a considerable boost to the community’s overall economy.
The proposed six-story hotel, billed by city officials as a first-class business hotel, would overlook a residential neighborhood next to the corporate center on the city’s western edge along the Long Beach Freeway. The project represents the largest and most complicated deal undertaken by the city’s Redevelopment Agency, Lewis said.
Under the plan, the city will pay $4 million to the Los Angeles Corporate Center for the land where the hotel would be built. The city would then sell the land to the developer for $2.5 million, making the money back later from taxes.
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