In 2016, plans were announced for the Park Hyatt Los Angeles, which was supposed to open in 2019. Unfortunately that’s not exactly how things have played out. Construction on the development started in 2015, and the project topped out in 2019, but unfortunately construction has been stalled ever since, as these towers have now been abandoned for seven years. Could there finally be a positive update, though?
In this post:
Park Hyatt Los Angeles at Oceanwide Plaza background
The Park Hyatt Downtown Los Angeles was initially supposed to open in 2019, as part of a billion dollar mixed-use development project named Oceanwide Plaza. The project was being developed by Chinese conglomerate Oceanwide Holdings. This development was supposed to consist of three towers, located across the street from L.A. Live., on a full city block bounded by Figueroa, Flower, 11th, and 12th Streets.
One tower (49 floors) was supposed to have a 184-room Park Hyatt plus 164 serviced condo residences. Then the other two towers (40 floors) were supposed to include 340 residential condominiums, known as The Residences of Oceanwide Plaza. The development was also supposed to include 153,000 square feet of retail space, plus a 700-foot-tall LED display.
Interestingly this development was supposed to mark the return of the Park Hyatt brand to Los Angeles. Back in the day there used to be the Park Hyatt Los Angeles in Century City, which was eventually rebranded as the InterContinental Century City. That hotel closed in early 2021, though.
Anyway, construction on Oceanwide Plaza initially stopped in very early 2019, despite all three towers of the development having topped out. The developer seemed to be having some financial issues, and cited restructuring of capital as the reason for work stopping.
Within a few months liens were paid off, and construction resumed. However, months later, in late 2019, it once again stopped. Since then, nothing has happened, and the project has been stuck in limbo. This clearly seems to be part of a bigger issue with Chinese companies pulling back on real estate investments in the United States.
For years, there were claims that work on the project would resume. According to the developer at the time, the physical structures and curtain walls for all three towers were completed. Inside the buildings, 85% of electrical and mechanical work had been completed, and in two of the towers, 60% of drywall installation had been completed.
Despite that, 2022 estimates suggested that it would cost $2.3 billion to complete construction on the development, which is twice as much as the entire development was initially estimated to cost. Oy. This has increasingly just been known as the graffiti towers, and has become a real eyesore in DTLA.
Oceanwide Plaza project being acquired in bankruptcy
There’s finally an update on the Oceanwide Plaza saga, given that the project is in bankruptcy. The Los Angeles Times reports that California real estate developer KPC Development is planning on buying Oceanwide Plaza for $470 million, with bankruptcy court approval expected by April 9, 2026.
If no higher qualified offer is received by that date, the court is expected to approve the sale. Once the new developer has control, the plan is to first remove graffiti, and to then build housing, a hotel, retail space, and restaurants, as originally planned. The project would be renamed, though, given that Oceanwide Plaza was named after the previous owner.
While it’s great news that a party finally plans to finish this project, let me emphasize that it’s anyone’s guess if this still keeps the Park Hyatt branding. The potential new owner has plans to complete the project and also have a hotel component to it, but that’s not to say that it’ll necessarily still be a Park Hyatt.
For what it’s worth, as of now Hyatt’s property development page still shows this as being a Park Hyatt project.
So we’ll mark this as “developing” for now. Some news is better than no news. I’d imagine that absolute best case scenario, we’re probably looking at a 2029 opening at this point. And that assumes this goes anywhere at all…
Bottom line
The Park Hyatt Los Angeles was announced a decade ago, but still hasn’t become a reality. Despite the development topping out in 2019, nothing has happened there in the past seven years… well, except for the endless graffiti.
There’s finally a potentially positive update, as a California real estate developer has agreed to buy this project in bankruptcy court, and if there’s not a better offer by April, then this deal should be finalized. The developer’s plan is to move forward with the project as planned, though it’s anyone’s guess if the hotel portion of this maintains Park Hyatt branding.
Even if this deal does get finalized, realistically I imagine it’ll be a year or so before all necessarily permits are obtained to continue work.
What do you make of the prospects for the Park Hyatt Los Angeles?
There will be a Park Hyatt in LA, but it won’t be at Oceanwide Plaza.
In other news Hyatt has stated that should the hotel ever open in our lifetime it would be 500,000 points a night for a standard room
This would be keeping with its new all about the corporate greed devaluation momentum
I believe Hyatt has taken a big shot with the recent revelations of Thomas Pritzker with Epstein.
Information out there for many years, but now hits the fan.
Suddenly such loss and Hoplamazian jumping in at the wheel.
Lets see how much negative effects on Hyatt.
LA has lost its sizzle to me by 2020.
Downtown already has a number of nice hotels The Conrad the Intercon etc
But I never really want to be Downtown despite its limited appeal
Every time I am there it seems to be more folks down on their luck
I'm not certain even if another luxury hotel could make me change my mind to want to return
In November, I was staying at the Conrad. I had an evening free & alone so decided to walk to the new-ish opened Javier's restaurant just across the street from Oceanside. I've been in DTLA many times over the past 15 years. But whoo boy, what a dump!
Not only is it dirty & smells of urine, but it's a massively powerful wind tunnel due to the buildings placement. And it's just a dark...
In November, I was staying at the Conrad. I had an evening free & alone so decided to walk to the new-ish opened Javier's restaurant just across the street from Oceanside. I've been in DTLA many times over the past 15 years. But whoo boy, what a dump!
Not only is it dirty & smells of urine, but it's a massively powerful wind tunnel due to the buildings placement. And it's just a dark & uninviting part of downtown.
I hope it works out but only time will tell.
Good Lord, a 700-ft. LED. Talk about your major light pollution! I’d hate to be sleeping within a mile of that monstrosity even with blackout curtains.
Can we finally just stop trying to make Downtown LA a thing? So you're in a Park Hyatt there... Then what?
It's a great neighborhood!
I’m not even from the US but the is a great deal to do and see. Apart from being the business / financial centre there is the Music Center for the performing arts including the Walt Disney Hall ( LA Philharmonic, LA Opera and the Center Theatre Group), LA live / crypto arena, the convention Center, broad museum, museum of contemporary art, Colburn school of music ( which is being expanded including another concert hall)...
I’m not even from the US but the is a great deal to do and see. Apart from being the business / financial centre there is the Music Center for the performing arts including the Walt Disney Hall ( LA Philharmonic, LA Opera and the Center Theatre Group), LA live / crypto arena, the convention Center, broad museum, museum of contemporary art, Colburn school of music ( which is being expanded including another concert hall) , grand central market, the ( beautiful) historic broadway theatres, el pueblo state park, the public library and gardens, city hall, union station, Bradbury building plus it a a transport hub with multiple metro lines and buses.
There is speculation that the previous Park Hyatt (now closed Intercontinental) on Avenue of the Stars will be a Park Hyatt. The property has been undergoing extensive renovation for the past year.
Take a shot every time you read "topping out"
With hundreds of millions in convention center and area refresh, and affluent USC just down the road, I could see the appeal of the Park Hyatt. The Ritz is pretty underwhelming and not that differentiated from the JW, so if they really push the urban lux resort play it could work.
Until relatively recently, the homeless had completely overrun the area, so even if they wanted to finish building, not sure the type of guest they want to attract would be particularly compelled to go.
Remains to be seen if the sidewalk camps return, but they often do.
Unfortunately this neighborhood has deteriorated to the point where it does not merit a Park Hyatt anymore
Makes no sense. This neighborhood has only gotten better since this hotel was proposed. Nearby Ritz and JW does well…
I am certain that I posted a comment a few moments ago which has now mysteriously disappeared …. Ok! I’ll try again ….
This hotel debacle brings to mind that one with the Boeing 777X horlicks ….
Take the hint.
Your useless attention seeking with spam of trash is triggering that.
You're about to be sent on a vacation like your alter ego did.
Ah, the one with all the graffiti. They really should get it done. Every city, large and small, seems to have their eyesore. In NYC, downtown, we've got 45 Park Place (with the 'RAMS' graffiti). North of Orlando, Florida, there was the 'eyesore on I4' (Majesty Building in Altamonte Springs). Would always be nice to have another PH. Though, with the pending devaluation, probably 75K points per night.