Fairmont will take over Los Angeles' iconic Century Plaza

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A rendering of the redeveloped Century Plaza project.
A rendering of the redeveloped Century Plaza project.

Fairmont Hotels & Resorts will take over Los Angeles's Century Plaza Hotel when the iconic property reopens after its planned redevelopment is completed next year.

Upon reopening, the Fairmont Century Plaza, which is in the city's Century City district, will have 394 rooms and 63 luxury residences, down from the 726 rooms it had when it shuttered early last year. Additionally, the $2.5 billion project, which is owned by Next Century Associates, will have 290 luxury residences on the site's two newly-built 46-story towers, as well as 100,000 square feet of retail space.

The project, which is being redesigned by architects Pei Cobb Freed, Gensler and Marmol Radzinger, will also include two acres of open space and fountains.

The Century Plaza was designed by original World Trade Center architect Minoru Yamasaki and opened on the former site of a 20th Century Fox back lot in 1966. The hotel was known as the "Western White House" during the early 1980s because it regularly hosted former President Ronald Reagan.

The hotel was most recently operated by Hyatt Hotels and flew under the Hyatt Regency flag.

Next Century is an affiliate of Woodbridge Capital Partners. That company, along with Oaktree Capital Management, acquired the 591-room Fairmont San Francisco in 2012 for about $200 million.

AccorHotels acquired Fairmont parent FRHI Hotels & Resorts last year for $840 million. Fairmont also operates the Fairmont Miramar Hotel & Bungalows in Santa Monica, Calif.

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