LOS ANGELES—The West Coast's first dual-branded Marriott hotel opens today in Downtown Los Angeles. The $172-million development brings Courtyard by Marriott rooms and Residence Inn rooms together in the same building, located adjacent to the J.W. Marriott at L.A. LIVE.

Developers American Life Inc. and Williams & Dame Development launched the project two years ago. 95% of the project was funded using the EB-5 funding program, which allows foreign investors to invest capital in job-creating projects in exchange for permanent residency in the US. These foreign investors put up a minimum of $500,000 in capital for the project.

The concept of the dual-branded model is to save money on land, staff and amenities while providing a hotel-type that will appeal to many different travelers, from business to millennial. The 371,000-square-foot hotel is a technology-friendly and modular building. The exterior features a 3,700 foot full-motion screen, the largest in the city, with two custom LED light systems that provide space for both advertising and entertainment.

The grand opening ceremony was held this morning at 9AM. Los Angeles City Councilman Jose Huizar and AEG president and CEO Dan Beckerman were both in attendance, along with Marriott hotels SVP Janis Milham.

The project is a major addition to the ongoing revitalization in the Downtown Los Angeles market, where several developments are underway. GlobeSt.com recently reported that the Park Fifth development site has traded hands. MacFarlane Partners purchased the site and plans to build a mid-rise and high-rise mixed-use complex with residential and retail space.