citizen Heads to DTLA
Project to be first steel modular hotel for brand
citizenM and Los Angeles-based hotel developer BLVD Hospitality will debut the hotel brand’s first LA location. The 11-story, 315-room property, to be the first steel modular construction and high-rise for the brand, has officially broken ground. Gensler will handle the architecture and design, while Mortenson will lead construction.
Interiors will be filled with a mix of contemporary art, photography and objects by local artists. Guestrooms will include oversized wall-to-wall king beds. The hotel is just another step forward in citizenM’s rollout, which by 2020 will reach 40 properties either open or in development globally—more than doubling its portfolio. In North America, citizenM is already under development with a dozen hotels in major markets including Boston, Seattle, San Francisco, Washington D.C. and Miami.
citizenM recently secured GIC, the sovereign wealth fund of the Government of Singapore, as a new investor with a 25% stake, valuing citizenM at $2.25 billion. GIC joined citizenM’s two existing shareholders: KRC Capital, the investment vehicle of entrepreneur Rattan Chadha, and APG, the largest Dutch pension investor (on behalf of its pension fund clients). The three shareholders have committed to invest a further $842.5 million of equity for future expansion.