Sydell Group has acquired Giannini Place, a downtown Los Angeles building that the company will redevelop into a NoMad hotel.

The building was built in 1923 as the headquarters for Bank of Italy (which later merged with Bank of America). The 12-story hotel will have about 250 rooms as well as a rooftop pool. An opening is planned in 2017.

Sydell Group opened a NoMad hotel in New York in 2012, and last year opened The Line, a hotel in Los Angeles’ Koreatown. The developer also built New York’s Ace Hotel in 2010, though it no longer owns that property.

Sydell Group is also redeveloping downtown Los Angeles’ Commercial Exchange Building (about a block away from Giannini Place) into a Freehand hotel that is slated to open by the end of 2016. Freehand, a brand with properties in Miami Beach and Chicago (opening this June), offers private and hostel accommodations.

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