LOS ANGELES, CALIFORNIA (October 28, 2016) – The Kor Group, along with joint venture partner Stork/Alma Development Group, is proud to announce that the team has started construction on the Downtown LA Proper Hotel, a 148-room lifestyle hotel that will be managed and branded by luxury lifestyle operator Proper Hospitality. Financing provided by EB5 Capital, Bank of the Ozarks and Calmwater Capital. McGuire Builders is the general contractor and Kelly Wearstler is leading the interior design. The project, which was first announced in July 2015, is slated to open in Spring 2018.

Housed in the former YWCA building on the Historic Broadway Corridor, Downtown LA Proper Hotel will offer a new kind of high-end lifestyle hospitality experience that merges high touch and high tech, tradition and culture, energy and tranquility, world-class dining and a sense of place. Amenities will include a destination restaurant, a rooftop pool and lounge, and the renovation of some of the building’s historic, double-height spaces into unique suites and public areas. Most notable amongst these will be the 4th floor library with original ceiling frescos; the historic basketball court turned Hollywood screening room suite; and the indoor swimming pool suite.

“When we first discovered the building nearly three years ago, we were immediately drawn to its unique characteristics. We are thrilled to have finalized the capitalization and started construction, as we can finally begin to unlock the building’s full potential" said Frank Stork. "When choosing to stay at our Downtown LA Proper hotel, guests will be able to experience everything that Proper-branded hotels offer–the best in personalized luxury service provided in a timeless, beautifully restored building located along the hottest stretch of South Broadway,” added Brian De Lowe, President and Co-Founder of Proper Hospitality and Partner at The Kor Group.

This announcement comes on the heels of a series of other milestones for The Kor Group and Proper Hospitality. The much-anticipated Hollywood Proper Residences, a furnished and unfurnished luxury apartment building located in Kilroy Realty Corporation's Columbia Square, opened in June. San Francisco Proper Hotel, a historic adaptive reuse project similar to Downtown LA Proper, is on track for a May 2017 opening. The team also recently broke ground on Austin Proper Hotel & Residences (opening late 2018) and officially announced Santa Monica Proper Hotel (opening winter 2018/2019), both of which are financed in partnership with the Merchant Banking Division of Goldman, Sachs & Co.