The Figueroa Hotel was originally built in 1925.

LOS ANGELES—A joint venture between GreenOak Real Estate Advisors and Urban Lifestyle Hotel Group has acquired the historic Figueroa Hotel in Downtown Los Angeles from a multi-generational family trust that had owned the property since 1933, GlobeSt.com reports exclusively. The new owners plan to renovate the 285-room hotel, highlighting its Spanish Colonial architecture. The sales price is undisclosed.

The Figueroa Hotel was originally built in 1925 as a YWCA and currently sits across the street from L.A. LIVE. In addition to the 285 guestrooms, the hotel features 25,000 square feet of community spaces, from swimming pools and banquet rooms to a lobby with a café and bar and a mezzanine lounge.

The new ownership plans to modernize the hotel while retaining the hotel’s original style and architecture. The renovation plans include the guestrooms and common areas as well as add restaurant and cocktail options on site. The owners have tapped HHM to manage the new property.

The hospitality sector is heating up in the downtown submarket, which is in desperate need of additional hotel rooms to fill demand from tourists. The Marriott hotel opened its first West Coast dual-branded hotel adjacent to L.A. LIVE and across the street from the Figueroa Hotel. It is one of the first of many hotel projects in the pipeline that will open within the next few years.