Los Angeles; Hilton Selected as Operator of 1,100 room
Convention Center Hotel
|LOS ANGELES, Sept. 15, 2005 - AEG President and CEO Timothy J. Leiweke
was joined by elected officials, business leaders, and new business partners
for the official groundbreaking of l.a. live, a more than $1 billion, 4
million square-foot Downtown Los Angeles sports and entertainment district.
Located adjacent to STAPLES Center, the l.a. live project, considered the
largest development in Los Angeles’ history, will be host to an exciting
mix of venues and facilities.
“On behalf of AEG and all of our partners, we are here today to break ground for the largest and most important development in the history of Downtown Los Angeles, l.a. live,” said Timothy J. Leiweke, President & CEO, AEG. “This project is real, this project is happening and this project is important. l.a. live will give Los Angeles the ability to attract the best and most important events for our city.”
“Most importantly, our company’s investment of nearly $1 billion coupled with an additional $3.5 billion commitment from the other private investors in l.a. live and the surrounding downtown residential district has brought this city a fully privatized, fully financed and fully entitled development. A $4.2 billion development that does not require any public subsidy,” Leiweke added.
At the groundbreaking, Leiweke announced several new, major l.a. live business partners:
“Sports and entertainment often converge in the diverse city of Los Angeles and establishing a major presence there is a very positive step in the long-term growth of our company,” said George Bodenheimer, President, ESPN, Inc. and ABC Sports and Co-Chairman, Disney Media Networks. “Originating more programming and extending our brand with an ESPN Zone will create a stronger ESPN. Given the success of our past collaborations with AEG and the scope and promise of l.a. live, we are eager to expand our L.A.-based operations.”
“Regal Entertainment Group is excited to be part of such a major development that will certainly transform and energize downtown Los Angeles.
The new Regal Cinemas l.a. live Stadium 15 will be a flagship theatre for our company that will benefit from being part of this new entertainment community. Regal looks forward to working with our studio partners to host world premieres and special events at this dynamic new location,” said Mike Campbell, CEO, Regal Entertainment Group.
“Diversity is the lifeblood of our vibrant city. The Conga Room is proud to partner with l.a. live to showcase its unique brand of Latin American culture and music,” said Jimmy Smits, co-owner, The Conga Room.
“Hilton is pleased that we have been selected to manage this new hotel, particularly since it is located in our corporate back yard. Hilton’s reputation for excellence in managing convention center hotels throughout the country is unmatched and we look forward to working with AEG, Wolff-Apollo and the City of Los Angeles as this exciting project progresses,” said Ernest Wooden, Jr., Senior Vice President - Hilton/Doubletree Operations West, Alaska, Hawaiian Islands, and Mexico, Hilton Hotels Corporation.
“Great cities attract great conventions and visitors. This Hilton hotel and l.a. live will establish Downtown Los Angeles as a world class destination. Our team is absolutely committed to bringing this hotel to life and transforming Los Angeles into one of the most attractive destinations for conventions in the nation,” said Lew Wolff, Chairman and CEO, Wolff Urban Management, which is co-developing the Los Angeles Convention Center Headquarters Hotel.
“As one of the most recognizable brands in the entertainment business, the GRAMMY Award is the premier symbol of musical excellence for consumers around the globe,” said Neil Portnow, President, The Recording Academy. “We are thrilled to extend our long-standing partnership with our friends at AEG and look forward to being a part of expanding L.A. as the entertainment capital of the world!”
Other key components of the entertainment district include:
“Today Los Angeles is reaffirming its position as the entertainment capital of the world. l.a. live will bring a vibrant sports and entertainment district to Downtown Los Angeles with exciting new places for families to dine and watch a movie, concert or game. The entire City of Los Angeles will benefit from the thousands of jobs it will create and billions of dollars it will pump into our local economy,” said Mayor Antonio Villaraigosa.
“The l.a. live sports and entertainment district is a boom for our local economy and the world-class facility will continue downtown’s unprecedented revitalization efforts,” said State Senator Gil Cedillo, who represents the area where the project will be developed.
“l.a. live’s restaurants, theaters, landscaped courtyard, and media headquarters are certain to continue our efforts to reinvigorate our city center and make it an even more attractive destination for tourists and local families alike. Additionally, the project brings a wealth of quality job opportunities and profound economic development to the South Park neighborhood, surrounding areas, and the city as a whole,” said Los Angeles City Councilwoman Jan Perry, who represents the 9th Council District where the project will be located.
“There is no more defining influence on the future of Downtown L.A. than the l.a. live development by AEG,” said Mark Liberman, president & CEO of LA INC. The Convention and Visitors Bureau. “It presents LA with the promise of a wholly new and exciting visitor destination in the center of the second largest city in the country. Our industry is eager to work closely with AEG, its partners and the City to make the vision presented today a reality.
There’s no hiding the fact that what we’ve seen today can be a convention sales organization’s dream come true.” The sports and entertainment district will be developed over an eight- to 10-year timeframe.
In addition, AEG has recently developed and opened The Home Depot Center, a $150 million national training “campus” in Carson, California designated as an “Official U.S. Olympic Training Site” by the United States Olympic Committee that includes major facilities for soccer, tennis, track and field, cycling, volleyball, basketball and other sports. The company was recently selected to fully develop the 28-acre Millennium Dome and adjacent property located in the eastern part of London along the Thames River and will create new arenas within the Millennium Dome and on a 50-acre site in the heart of Berlin.
Nokia is the world leader in mobile communications. Backed by its experience, innovation, user-friendliness and secure solutions, the company has become the leading supplier of mobile phones and a leading supplier of mobile, fixed broadband and IP networks. By adding mobility to the Internet, Nokia creates new opportunities for companies and further enriches the daily lives of people. Nokia is a broadly held company with listings on five major exchanges.
|Also See:||Anschutz Entertainment Plans to Build a 1,500-room Hotel and Entertainment Center Near Staples Center; $1 billion Project Catches LA City Officials by Surprise / June 2004|
|The California Mid-Year Lodging Report / Ernst & Young / September 2005|