Corona-based developer Shivom will convert a vacant DTLA office building into a 149-room boutique hotel to be run under the Mama Shelter brand, famous for its hip "urban refuge" hospitality offering.
The developer paid $18M for a vacant, 71K SF building at 124 East Olympic Boulevard in LA's red-hot Fashion District, according to a report in Urbanize Los Angeles. The seller, Jamison Properties, Koreatown's largest commercial landlord, entitled the site for a hotel prior to the sale.
The building was once an annex to the 1.8M SF California Market Center, which Jamison sold to Brookfield for $440M in 2017. Jamison received approval from the city to convert 134 Olympic into a hotel in 2019.
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