Last month, their $480 million hotel, the Terranea Resort, opened for business. But how much business remains to be seen. After 12 years of planning, the hotel, with 400 rooms and extensive recreational facilities, made its debut in what Mr. Lowe called “the most challenging market since World War II.” “People are still traveling,” he said, “but they’re shopping very carefully.” According to Smith Travel Research, hotels in Los Angeles had an average occupancy of 63.6 percent in May, down 14 percentage points from a year earlier.

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