WEST LOS ANGELES-Palisades Development Group has acquired the 250-room Furama hotel and plans to rename and reposition it. Beverly Hills-based Palisades bought the asset from Decron Properties, a Los Angeles based private real estate development and management company.Palisades plans to reposition the property as a “life style budget property,” the company says. The Furama, which was designed by Welton Beckett, marks the fifth hospitality venture for Palisades.The hotel, at 8601 Lincoln Blvd., is in the Manchester area of the city near Marina Del Rey, Playa Vista and the Los Angeles International Airport. Noting the Welton Beckett design, Avi Brosh, president of Palisades Development Group, says the company sees a place in the market for “a lifestyle-driven hotel that caters to a customer looking for great design at a modest price.”Beckett was a mid-20th Century architect known for his modernist approach and responsible for a number of Los Angeles landmarks, including the Capitol Records building, the Cinerama Dome, the Dorothy Chandler Pavilion and the Beverly Hilton. Palisades Development Group’s in-house creative and design team will be in charge of the design for the new hotel project.Palisades Development, established in 1997, operates existing hotels under the Palihouse name, including its Palihouse West Hollywood, and has a number of other developments either completed or in the works. Among these is a conversion and restoration of the historic 100,000-sf Equitable office building in Hollywood into residential and office condominiums in a joint venture with Paladin Realty Partners.

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