Los Angeles approves $103M tax break for 1,130-room Fig+Pico hotel project

On Dec. 2, Los Angeles City Council granted $103 million in tax breaks to the developer of a hotel project that would bring 1,130 hotel rooms within walking distance of the Convention Center.

However, Lightstone Group still needs additional approval from the council and the Citywide Planning Commission before builders begin any work on the Fig+Pico Convention Center Hotels. If all go smoothly, construction is expected to begin in late 2018 with the opening slated for 2020.

According to city officials, their decision is necessary as increasing the number of hotel rooms around the Convention Center would make L.A. attractive to big conventions.

Announced in early 2016, Lightstone Group plans to build two towers at Pico Blvd. and Figueroa St. One will have 28 stories while the other 40, delivering a combined total of 1,100 hotel rooms. Amenities include three pools, bars, restaurants, six levels of parking and 20,000 sq. ft. of retail space.

The rooms would operate under three brands: AC Hotel, Moxy Hotel and Hilton Garden Inn. Upon completion of the project, the number of hotel rooms near the Convention Center would be increased to about 6,500.

A petition for the tax break was endorsed by the Economic Development Committee on Nov. 27. In less than a week, council gave its approval as it is eager to have more hotels built within the area. Apparently, the project falls in line with the city’s goal to have 8,000 hotel rooms within walking distance of the Convention Center by 2020.