Shilla Hotels Plans $80M Business Hotel in Pico-Union

Work has finally begun on the conversion of a Pico-Union office building into a hotel, marking the realization of a long-awaited plan.

The Shilla Stay Hotel Project

Last year, the Korea Daily revealed the intention of Shilla Hotels & Resorts, a prestigious Korean luxury hotel brand, to establish a new branch of its Shilla Stay business hotel brand at 1543 W. Olympic Boulevard. The project aims to repurpose the five-story structure into a 200-room hotel, featuring amenities such as 238 parking spaces, a rooftop bar and restaurant, and a small events venue.

Investment and Development

SSH America, LLC, a Korean investment firm, acquired the project for $20 million in March 2023. They are committed to investing up to $80 million for the renovation of the mid-1960s building. Located between Koreatown and Downtown Los Angeles, the property is strategically positioned to cater predominantly to Korean business travelers, with an emphasis on showcasing Korean culture, brands, and products. Shilla Hotels will deploy management staff from Korea, offer Korean-style breakfasts, and ensure bilingual staff proficient in both Korean and English.

Historical Context

The plans to convert the property into a hotel trace back to 2016, when Union & Grattan Properties, LLC had initially proposed an outpost of Wyndam Hotel Group's Trademark Hotel collection.

With the commencement of the project, the transformation of the Pico-Union office building into a Shilla Stay hotel represents a significant development in the hospitality landscape, catering specifically to Korean business travelers and enhancing the cultural footprint in the heart of Los Angeles.

 

Here is a picture of the existing property: