- Cherished Century City landmark in the midst of a $2.5 billion redevelopment project will reopen in 2018 -
LOS ANGELES – January 23rd, 2017 – 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 closed for a meticulous restoration and refurbishment 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 guardian 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 tower, along with two new 46-story luxury residential towers with 290 luxury residences, plus 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 lead architecture firms Pei Cobb Freed, Gensler and Marmol Radzinger and the internationally acclaimed design group Yabu Pushelberg. The team will restore the hotel’s renowned lobby, connecting it to a series of public plazas and fountains that lead into a central two-acre garden, 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, a Los Angeles based multi-disciplined real estate development and Investment Company. The two companies have previously worked together successfully 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 to their utmost in their respective markets. We look forward to creating a new jewel for the residents and visitors of Los Angeles to cherish and enjoy."
Fairmont Century Plaza will add to Fairmont’s broad presence in California, joining an unrivalled collection of spectacular hotels and resorts that include the brand’s flagship hotel – the one that started it all – the iconic Fairmont Miramar San Francisco; Fairmont Sonoma Mission Inn & Spa; Fairmont San Jose in Silicon Valley; Claremont Club & Spa, a Fairmont Hotel in Berkeley; Fairmont Heritage Place Ghirardelli Square, San Francisco; Fairmont Miramar Hotel & Bungalows in Santa Monica; and Fairmont Grand De Mar in San Diego.
“California is in our DNA,” added Frid. “The quintessential Californian traits - the sense of relaxed glamor, charisma and sophistication – are exactly what guests consistently encounter at the heart of every Fairmont property around the world. We cannot wait to open these doors in Los Angeles, to celebrate the lineage of this West Coast landmark, and to welcome our guests with authentic red carpet treatment at what will soon be, the breathtaking Fairmont Century Plaza.”
With more than 70 hotels worldwide, Fairmont continues to expand globally with recent openings including Fairmont Quasar Istanbul, Fairmont Chengdu in Western China and Fairmont Fujairah in the Middle East. New luxury hotels scheduled to open later in 2017 include Fairmont Amman in Jordan, Fairmont Riyadh in Saudi Arabia. Fairmont will also open the newest and most state of the art hotel in Austin, TX later this year.
Fairmont Hotels & Resorts is a luxury brand that consistently rates among the best in the world in customer-based rankings such as the TripAdvisor awards, as well as industry and media awards such as the AAA Five Diamond Ratings, the Condé Nast Traveler Gold List, and Travel + Leisure’s 500 World’s Best Hotels.
About Fairmont Hotels & Resorts
Fairmont Hotels & Resorts connects guests to the very best of its destinations worldwide, providing travelers with memorable travel experiences, thoughtful and attentive service and luxury hotels that are truly unforgettable. Each Fairmont property reflects the locale’s energy, culture and history through locally inspired cuisine, spirited bars and lounges and distinctive design and decor. With more than 70 hotels globally, and many more in development, the Fairmont collection boasts some of the most iconic and distinctive hotels in the world. This extraordinary collection includes The Plaza in New York, The Savoy in London, Fairmont Grand Del Mar, Dubai’s Fairmont The Palm, Fairmont Peace Hotel in Shanghai, Fairmont San Francisco and Fairmont Le Château Frontenac in Québec City. Fairmont is part of AccorHotels, a world-leading travel & lifestyle group and digital innovator offering unique experiences in more than 4,000 hotels, resorts and residences, as well as in over 2,500 of the finest private homes around the globe. For more information or reservations, please visit fairmont.com.
About Next Century Associates
Next Century Associates was formed by Michael Rosenfeld, founder and CEO of Woodridge Capital Partners, LLC (“Woodridge”). Woodridge is a Los Angeles based real estate Investment and development company that has owned a broad range of hotel, resort, residential, and commercial properties throughout the United States. Woodridge’s holdings include the Fairmont San Francisco Hotel, The Fairmont Orchid, The Intercontinental Mark Hopkins Hotel and Stanford Court in San Francisco, The Century Plaza in Los Angeles and the Ritz Carlton Kapalua, Maui. The firm received the Single Asset Transaction of the Year Award for the Fairmont San Francisco by the Americas Lodging Investment Summit and the San Francisco Business Times Hotel Deal of the Year Award. woodridgecapital.com
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