PDG Acquires Furama Hotel in L A
Plans Revamp to Lifestyle Concept
LOS ANGELES, CA, March 23, 2006. Palisades Development Group has acquired the 250-room former Furama Hotel tower here in West Los Angeles for an undisclosed price and plans to revamp the property with a lifestyle concept.
Located at 8601 Lincoln Boulevard near Marina Del Rey, Playa Vista and the Los Angeles International Airport, the existing 130,000 square foot building will be the fifth hospitality venture under development in the company's diverse collection of mixed-use developments.
"We saw a need in this area of Los Angeles for a lifestyle-driven hotel that caters to a customer looking for great design at a modest price," said Avi Brosh, president of Palisades Development Group. "Developing hotels to serve the next generation of Palisades' clients seemed like a natural progression for the company. This acquisition further ensures our long-term viability, not only as a development firm, but as a lifestyle company as well."
The tower was originally designed by Welton Beckett, a mid-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.
PDG's in-house creative and design team will be in charge of the design for the new hotel project.
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