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Oceanwide Plaza buyers seek LA tax incentives for 184-room hotel

The motion says the hotel would add rooms within walking distance of Downtown venues, and cites prior Los Angeles hotel assistance of about $1B from 2005 to 2018.

Reported · Written up by our desk · Residential

Oceanwide Plaza buyers are seeking city tax incentives to help finish the project’s still-unfinished hotel component, according to a motion introduced by Los Angeles Councilmember Ysabel Jurado and reported by Bisnow.

The motion targets a tax incentive agreement for a 184-room hotel in the Oceanwide Plaza development near Downtown’s Crypto.com Arena, where the trio of towers began under a China-based developer that later went bankrupt.

Bisnow notes that prior Downtown hotel agreements allowed hotel owners to keep a portion of transient occupancy taxes, and that between 2005 and 2018 Los Angeles officials approved about $1B in assistance for hotels and other developments.

The motion argues the proposed hotel would complement existing convention center and entertainment district uses by adding rooms near major event venues, while the project is also expected to include 504 condos and about 150,000 square feet of retail space.

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