On Nov. 16, 2018 Mosaic Real Estate Investors has financed a $50.93 million construction loan, which was brokered by HFF, for the adaptive reuse of a vacant 143,513-square-foot 13-story office building to a 180-key select service hotel.
Located at 419 S. Spring Street in Downtown Los Angeles (DTLA), the subject will be operated under the Cambria Hotel and Suites flag, an upscale select-service hotel brand from Choice Hotels and managed by OceanV, of BLVD Hotels, and The Packard Cos. The property’s location is in close proximity to many of DTLA’s corporate and leisure demand drivers and provides convenient access to public transportation. Upon completion, the hotel’s amenities will include two food and beverage outlets, one restaurant and lounge on the mezzanine level, and one restaurant located on the ground floor to be leased to an independent restaurateur. Other planned amenities include a dedicated meeting space, a fitness center, a business center, a sundry shop, and valet parking.