WASHINGTON, Oct. 18, 2021 (GLOBE NEWSWIRE) — EB5 Capital joins The Kor Group in celebrating the grand opening of the Downtown LA Proper Hotel in Los Angeles, California. Downtown LA Proper is a 13-story, 148-room luxury lifestyle hotel in the heart of Downtown LA. The property showcases the vision of internationally acclaimed designer Kelly Wearstler, who blends modern influences with vintage elements, referencing the site’s history. The property was initially a private club in the 1920s frequented by members of Hollywood.
“We are very excited to celebrate the opening of the Downtown LA Proper,” said Patrick Rainey, EB5 Capital Senior Vice President of Investments. “Since our initial introduction to the project, we have been excited about what the Proper brand will offer to such an exciting and growing market in Downtown Los Angeles.”
The property features three distinct food and beverage spaces operating in partnership with James Beard Foundation award winners Suzanne Goin and Caroline Styne of The Lucques Group. In addition, there are 14,000 square feet of meeting space and a rooftop pool with unobstructed panoramic views of the city. Downtown LA Proper will be managed by Proper Hospitality, which was named “Hotelier of the Year” in 2020 by Hospitality Design. Proper Hospitality has an award-winning portfolio of luxury lifestyle hotels and residences that offer unique design, world-class amenities, original food and beverage collaborations, and diverse cultural programming.
EB5 Capital invested more than $65 million in this project. “The opening of Proper Hotel is an important milestone to our investors,” said Nhat Phuong Huynh, EB5 Capital’s Vice President of Investor Relations. “Our investors – all of whom are foreign – come from ten different nationalities, and they have all been anticipating this hotel opening since they first invested with us.”
LA-based real estate developer, The Kor Group, has developed Proper Hotels in three other locations, including San Francisco, Santa Monica, and Austin (Hotel and Residences). New developments are in the works for Miami and Portland.