LOS ANGELES-The hospitality sector is drawing investors to Downtown Los Angeles, according to Chris Martin, AC Martin CEO and co-chairman, who, along with AEG CEO Dan Beckerman, sat down with GlobeSt.com to discuss downtown's booming entertainment sector. On January 9, Martin and Beckerman will join PFK Consulting SVP Bruce Baltin and Marriott International Inc. SVP of lodging and development Alison Cumberland on the entertainment panel at the Renaissance of Downtown Los Angeles: Opportunity Knocks conference.

“In 2012 alone we saw an uptick in tourism, occupancy rates and a 12% increase in room revenue,” Martin tells GlobeSt.com. “These are encouraging trends that have certainly led to significant investment and development in the hospitality sector. It's clear that the sector will continue to play a role in the economic future of Downtown Los Angeles.” Notable investments in the hospitality sector include Korean Air's $1 billion investment in the Wilshire Grand project.

Martin and Beckerman agree that the entertainment sector plays a vital role in the downtown renaissance. “It has drawn in more consumers and made downtown a place for people to go out and to enjoy their weekends and evenings,” Martin says. “Downtown has not only become a tourist destination; it has become a more appealing place to live.” Beckerman adds that entertainment has kept up with multifamily and retail, especially in the Figueroa Corridor. AEG alone has 40 projects currently underway in the downtown market.