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.
About EB5 Capital
EB5 Capital provides qualified investors from around the world with opportunities to invest in job-creating commercial real estate projects to obtain U.S. permanent residency, as well as private equity investments and secondary passports. For more information, visit http://www.eb5capital.com
About the Kor Group
The Kor Group is an international real estate investment and management company with extensive holdings and development experience in commercial real estate properties. Since its inception in 1999, Kor has acquired and developed hospitality, residential, and office assets valued in excess of $3 billion. Central to Kor’s investment strategy is value creation through distinctive design and branding. By fusing creative design with an agile investment and development discipline, Kor has amassed a portfolio of high performing assets and has built a signature brand translatable across its properties. Kor has acquired, repositioned and managed over 15 million square feet of residential, mixed use, hotel, commercial office and retail space. Kor has over $1 billion in active developments – 1.4 million square feet in the acquisition, development, or construction stage, including ground-up development, value-add repositioning, and adaptive reuse. www.thekorgroup.com
About Proper Hospitality
Proper Hospitality designs, brands, and operates high-end lifestyle hospitality experiences under the Proper, Hotel June and The Collective brands. Each property is a distinct reflection of the vibrant community surrounding it, yet shares a common belief in uncommon luxury, convenience of location, and world-class amenities provided by locally vetted innovators in food and beverage, technology, art, music, fashion and wellness. Led by the visionaries behind The Kor Group, the company currently manages Proper branded hotels in Santa Monica, Downtown L.A., San Francisco and Austin, the Hotel June in West Los Angeles and Malibu; and The Collective, a curation of design-driven independent hotels including Avalon Hotels in Beverly Hills and Palm Springs, the Ingleside Inn in Palm Springs, and the Venice V Hotel in Venice Beach. Look to see the brands expand into new markets such as Portland, Miami, New York, Nashville, Denver and others. For more information, visit www.properhotel.com.
Contact:
Juline Kaleyias
(202) 652-2437
media@eb5capital.com
