In a “Momentum”-themed lunch presentation and visual backdrop, project officials will discuss the above-mentioned details of the new development at today’s event, as well as release financial and employment figures related to the new hotels. Marriott International’s chairman and CEO Bill Marriott; COO, president and CEO-elect Arne Sorenson; AEG’s Tim Leikewe; Mayor Antonio Villaraigosa; Councilmember Jan Perry; and other dignitaries will be present at the event.

According to Sorenson—the incoming CEO of Marriott International, which will manage the project—the hotels will also be the “only nationally branded extended-stay and select-service venues within walking distance of the L.A. Convention Center, and will complement the J.W. Marriott and Ritz-Carlton across the street. The Residence Inn provides a good option for families, while the Courtyard offers a variety of price points, appealing to a wider diversity of guests.”

Equity funding for the project has been provided through American Life, and the company’s CEO Henry Liebman refers to the development as a stellar model of his company’s EB-5 financing program, which provides green cards for foreign nationals who invest a minimum of $500,000 for job-creating projects in targeted employment areas. Under the EB-5 program, each investment in a hotel development must encourage economic growth and result in the creation of 10 new full-time jobs. “It is clear to us that the current market, especially given the likelihood of a modernized Convention Center, will support multiple new hotel projects,” Liebman tells GlobeSt.com. “The tremendous success of the JW Marriott and Ritz Carlton at L.A. Live has sent a clear and positive message to the hotel industry. We believe that our project with Marriott will be just the first of a series of new hotel investments in this area. We know there are other properties ripe for such developments, and you should not be surprised to see more activity in the near future."

According to a new report by CLS International commissioned by LA Inc., the average city has 7,300 hotel rooms available within a half mile of its convention center, and Los Angeles has less than 1,700. The two hotels will add nearly 400 rooms and boost the city’s competitive edge when it comes to attracting more convention business, according to Perry.

“We are proud to welcome Marriott’s two new hotels to the growing downtown revitalization,” says Villaraigosa. “The project is expected to generate over 5,000 new jobs, including 800 during construction.”

Also at the event, project executive Jim Atkins will laud the project as a significant milestone in the continuing renewal and explosive growth of downtown L.A. “The influx of hotel guests will contribute over $89 million annually in off-site taxable spending throughout the area,” says Homer Williams of Williams/Dame.