A partially built Hyatt hotel in Hollywood will continue to move forward with $27 million in new financing.
The Hyatt Hotel Nue, now under construction at 1525 N. Cahuenga Boulevard, has been recapitalized with a bridge loan from Columbia Pacific Advisors. The project, which is composed of a steel frame, consists of a seven-story edifice featuring 55 guest rooms atop ground-floor retail space and a rooftop pool deck.
The hotel, which is being designed by nKlosures, is a mid-rise structure with a setback above its third floor.
“Luxury boutique hotels that focus primarily on leisure-driven markets have generally fared better and are expected to recover sooner than properties that are more reliant on convention or group revenue,” said Columbia Pacific Advisors senior vice president of Eric Jordon in a news release. “With cities returning to normal and travelers planning for life back on the road, the Hyatt Hotel Nue should benefit from these trends due to its focus on tourists and locals and its well-timed opening targeted for the end of the year.”
The Nue is part of Hyatt's Unbound collection, a series of unique one-off luxury hotels that cater to business travelers and tourists.
The project is being developed by S3D Partners, LLC, a business led by Jayesh Kumar with ownership stakes in 12 other hotels in California and Texas.
Other hotels planned nearby include an Art Deco-inspired tower at the former site of a Jack-in-the-Box restaurant at the intersection of Sunset and Cahuenga Boulevards.
- 1525 Cahuenga Boulevard (Urbanize LA)