Mixed-Use Plans Calls for Razing Existing Hotel on Inglewood Site
A mixed-use hotel and residential project is in the works near SoFi Stadium and the future Intuit Dome in another sign of booming demand for real estate in Inglewood, California, following real estate investments by three professional sports teams.
The proposed project calls for a 13-story building featuring 11 condominium units, 118 apartments, 175 hotel rooms, event space and a bar and restaurant at 4200 W. Century Blvd., according to city of Inglewood documents. The proposed development would result in the demolition of an existing hotel on-site.
Inglewood City Council voted Aug. 23 to approve a $24,680 funding agreement between the city and developer, 4200 Qof, to cover the cost of environmental study related to the project. The developer is expected to repay the city for its costs associated with the study, according to city documents.
The developer’s entity appears to be related to Beverly Hills, California-based Crescent Hotel Group, whose principal is Gregory Peck, according to state of California records. Peck did not respond to a request to comment from CoStar News. A representative of the LA Adventure Hotel operating on the property did not return a request to comment from CoStar News.
The development plans come after the roughly 70,000-seat SoFi Stadium, home to professional Los Angeles football teams the Rams and the Chargers, opened in Inglewood in September 2020. Next door, the Los Angeles Clippers NBA team is expected to play in the 18,000-seat Intuit Dome being developed by team owner Steve Ballmer and set to open in 2024. In addition, 5 million square feet of office, 890,000 square feet of retail and 2,500 residential units are planned for the Hollywood Park site adjacent to SoFi Stadium.
All of that construction has generated hotel demand. At least 450 hotel rooms are planned between Hollywood Park and the Clippers’ development, according to Robert Feist, vice president of Newport Beach-based hotel brokerage and research firm Atlas Hospitality Group.
If built, the hotel in the works along Century Boulevard would be a departure from the economy hotels nearby, Feist said.
“There will be increased demand for upper-end and luxury hotels in that market,” Feist said. “But it’ll take some time before they come to fruition.”
The Los Angeles airport hospitality market, which includes the proposed Inglewood hotel project, has an 82.4% occupancy rate, higher than the L.A. market average of 76.6%, according to CoStar data. The market’s revenue per available room, an industry standard for measuring hotel performance, was $129.82, below the L.A. market average of $164.90.