The 21-story tower with 434 rooms at Los Angeles and First streets was sold by 3D Investments of Los Angeles, said real estate broker John Strauss of Jones Lang LaSalle. He declined to disclose details including the price, but industry newsletter Real Estate Alert said UBS paid $45 million.
Hotel business in the area has improved since the JW Marriott and Ritz-Carlton hotels opened last year at LA Live, Strauss said. “Downtown has become one of the most dynamic submarkets in the greater L.A. basin.”
The Kyoto Grand, completed in 1977 and formerly known as the New Otani Hotel & Garden, has been a cultural anchor of Little Tokyo for decades and a destination for Japanese tourists.
Expected to take over management of the hotel is Newport Beach-based Rim Hospitalities, manager of the Marriott Los Angeles and the Sheraton Los Angeles, both also in downtown.
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-- Roger Vincent
Photo: Upstairs garden at the Kyoto Grand. Credit: Kyoto Grand Hotel and Gardens
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