Subsidy Tracker Individual Entry
hotel development near convention center
The value and the breakdown of the subsidy package were taken from: Patrick McGreevy, "City OKs subsidies for downtown hotel," Los Angeles Times, October 1, 2005.
The subsidy package was originally assembled by the city of Los Angeles for Wolff Urban Management Inc. and Apollo Real Estate Advisors. In 2006 KB Homes and AEG Group, controlled by billionaire Philip Anschutz, took over the project (see Annette Haddad, "KB Home, Anschutz to take over planned hotel," Los Angeles Times, January 13, 2006). The city agreed to rebate up to $270 million in hotel bed taxes over 25 years to the developers. In addition, subsidy package included $16 million in a below-market-rate loan from the city for infrastructure improvements around the hotel and a $4 million fee waiver. Overlaps with main Subsidy Tracker data: none.