School District Now Owns Ambassador Hotel
The Los Angeles Unified School District completed its purchase of the famed Ambassador Hotel on Thursday, at last opening the way for a school on the Wilshire Boulevard property.
The 23.5-acre site changed hands in a one-day escrow that quietly ended a 10-year legal battle with an investment group once led by real estate magnate Donald Trump.
Those investors eventually agreed to sell the property to the district for about $105 million, including about $32 million in interest on a down payment made a decade ago.
Elated district officials said they will begin planning a project that could include any combination of high school, middle school or elementary school. The campus is slated to open in four to six years.
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