JV Buys Historic Figueroa Hotel

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.