Project Rendering
LOS ANGELES-Korean Air and Thomas Properties Group have reachedan agreement with hotel and building trade unions that is a key tothe $1 billion redevelopment of the Wilshire Grand Hotel on thesouthwest corner of Wilshire Boulevard and Figueroa Street. The $10million closure agreement between the hotel and Unite-Here/Local 11provides the 480 existing hotel workers with severance pay andhealthcare benefits and gives them recall rights when the new hotelopens, assuring them of the opportunity to reclaim their previousjobs. The schedule calls for the hotel to close in December 2011.Demolition will require one year, so construction on the new hotelwill begin in December 2012 with expected completion in 2015.
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