Fairmont Hotels & Resorts to manage Century Plaza Hotel in LA
Luxury hotel operator Fairmont Hotels & Resorts, now part of the AccorHotels Group, and Next Century Associates today announced the signing of definitive agreements for the revitalization and management of the historic Century Plaza Hotel, located in the heart of Century City in Los Angeles.
The iconic, crescent shaped hotel has hosted generations of Hollywood celebrities, foreign dignitaries and every United States President since its opening in 1966. The hotel is currently undergoing a meticulous restoration and is slated to re-open as Fairmont Century Plaza, Los Angeles in 2018.
The addition of a landmark hotel in a strategic US market supports AccorHotels' goal of brand growth and expansion, particularly in the luxury space. The signing of this project follows AccorHotels' 2016 acquisition of Fairmont Hotels & Resorts, along with sister brands Raffles and Swissôtel, which broadened the company's luxury hotel offerings and footprint in North America.
"Fairmont is honored to become the manager of the historic Century Plaza, and along with Michael Rosenfeld and the entire team at Next Century Associates, we look forward to the rebirth of this iconic property," said Kevin Frid, chief operating officer, North & Central America, AccorHotels. "The Fairmont brand was born in California in 1907 and now, after more than a century of building an international portfolio of award-winning properties, we are thrilled to return to our roots and expand our presence in the Southern California region. Fairmont Century Plaza is an important project, not just for the city and region, but for our globally-recognized brand as well."
The approximately $2.5 billion mixed-use redevelopment project includes approximately 394 guestrooms and 63 branded residences within the original iconic building, along with two new 46-story luxury residential towers with 290 luxury residences and approximately 100,000 square feet of boutique high-street shopping and expanded parking facilities.
Originally designed by Minoru Yamasaki, Fairmont Century Plaza will be transformed by world-renowned architecture firms Pei Cobb Freed, Gensler and Marmol Radzinger and the internationally acclaimed design group Yabu Pushelberg. The team will revision the hotel's renowned lobby, connecting it to a series of public plazas and fountains with two-acres of open space and gardens, surrounded by restaurants and retail boutiques.
The beloved Los Angeles landmark resides on a six acre site within one of the most prominent neighborhoods in the world. Built on the former backlot of 20th Century Fox Studios, the hotel faces the famous fountains at the intersection of Avenue of the Stars and Constellation Boulevard. The property is surrounded by over 10 million square feet of class 'A' offices, residences, restaurants, retail, and entertainment venues, and is adjacent to Beverly Hills, one of the highest grossing retail areas in the United States.
Fairmont is expanding its strong partnership with Woodridge Capital Partners, a Los Angeles based multi-disciplined real estate development and investment company. The two companies have enjoyed success together at Fairmont San Francisco and Fairmont Orchid in Hawaii.
"We are excited to make history in Los Angeles with the rebirth of the Fairmont Century Plaza," said Michael Rosenfeld, CEO of Woodridge Capital Partners. "Woodridge and Fairmont have built a strong relationship over the years, with properties that have performed at the highest level in their respective markets. We look forward to establishing a new level of luxury for residents and visitors of Los Angeles to cherish and enjoy."
"Our team is also very excited that Fairmont is now part of AccorHotels as this adds tremendous value on a number of fronts," added Rosenfeld. "Fairmont Century Plaza will now have the ability to tap into an increased loyalty base and wider distribution network, and through this larger stage we will be in an extraordinary positon to showcase the hotel to even more luxury travelers in the United States and abroad."
