HHM Assumes Management of Hotel Figueroa, an Upscale Independent Property in the Heart of Downtown L.A.
Figueroa is HHM's fourth property in Southern California and 18th on the West Coast.
Currently, Downtown L.A. is one of the most vibrant and productive hotel markets in this cycle. The ongoing economic and development activity has spurred 27 million sq. feet of office space, 15 million visitors a year to L.A. LIVE, and more than 400 conventions and trade shows a year. Downtown's depth of market and momentum continues to rise through the area's transformation as a desirable residential location. It is also solidifying a reputation as a dynamic culinary center with a bustling entertainment scene.
HHM will complement Figueroa's perfect location and high demand as an entertainment venue with the company's expertise in operating independent hotels, ranging from luxury to lifestyle, as well as its ability to drive revenue and profit at large urban hotels in gateway markets.
"With nearly 30 independent hotels under management, almost half of which are on the West Coast, Figueroa is a welcome addition to our collection of highly desirable urban properties that benefit from excellent locations and multiple demand generators in their growing markets," HHM President & CEO Naveen P. Kakarla said. "We couldn't be more excited to have a presence in Downtown L.A., a market that is an increasingly enticing place for Southern Californians to live, work, visit and play."
HHM, formerly known as Hersha Hospitality Management, operates 115 hotels across the United States, including 30 hotels within the Marriott brand family. Headquartered in Philadelphia, PA, the company has a private investment platform and engages in hotel acquisitions, management and asset management for full-service and select service in top 25 markets. HHM also operates 28 independent hotels ranging from The Rittenhouse Hotel, a AAA Five Diamond property in Philadelphia, to the Larkspur Landing hotels, all-suite extended stay properties in Northern California and the Pacific Northwest. Its highly experienced team partners with publicly traded companies, private equity firms, institutional real estate owners, and private investors. Additional information on HHM can be found at hhmhospitality.com.