LOS ANGELES, CA-Pacific Investments LLC bought a 500-room, single-room occupancy hotel at 601 S. Spring St. in downtown Los Angeles for $5.8 million from New York-based BNY Western Trust Co.

The new owner plans improvements that include a new retail facade for the property, which is known as the Hayward Hotel, as well as private security for the building and environs, says broker Ed Rosenthal of Grubb & Ellis, who represented the buyer.

Rosenthal says the hotel sale and improvements planned for it are part of a series of changes in downtown Los Angeles that are revitalizing the historic core of the city by refurbishing office, commercial and residential buildings.

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