LOS ANGELES—DCGG Park Plaza, known widely as the owner of the Hollywood Roosevelt Hotel, and Wilshire Park Plaza have formed a joint venture to renovate the Legendary Park Plaza Hotel. Located at 607 S. Park View Street in Los Angeles, the hotel has remained vacant for years and has been used mostly for filming purposes.

The property was originally built in 1925, and, designed by architect Claud Beelman, is a prime example of Neo-Gothic architecture. It was originally designed as an Elk's Lodge, but after years of low membership, it was converted into a luxury hotel. Then, in the early 1980s, the Los Angeles Cultural Affairs Department named the hotel a historic monument.

Tom Nguyen of NAI Capital represented the DCGG Park Plaza in the joint venture agreement. There is no information on the joint venture's exact renovation plans or capital investment and Nguyen did not respond to a request for comment before the publication of this story. However, with DCGG Park Plaza's experience with the Hollywood Roosevelt Hotel, which has become an L.A. landmark in its own right, we are excited to see this transformation.

There has been ample hotel news recently in the Los Angeles market, from hotel investments to hotel developments, and now redevelopments. Of course, the major project underway is the Wilshire Grand. Once complete the mixed-use property, which will include a hotel as well as residences and retail, will be the tallest building on the West Coast.