Revenue Participation Agreement for Venice Hope Hotel Project

• When: 2024/07/31
• Address: 1611 South Hope Street, Los Angeles, CA
• City: Los Angeles
• State: California
• Category: Economic Development Incentives
• Asset Class: Hospitalities
• Property Type: Hotels

The City of Los Angeles entered a Memorandum of Understanding with New Horizons Capital LLC to close the financing gap for the Venice Hope Hotel project. This agreement includes a revenue participation plan aimed at revitalizing the area with a focus on tourism and economic development.

Why it Matters

This initiative supports local economic growth and job creation while enhancing the hospitality infrastructure of Downtown Los Angeles.

Source