A crumbling but historic building in downtown Los Angeles has been bought by a British firm that plans to transform it into a hip hotel.
The Los Angeles Times reports Wednesday that the $30 million purchase by Hoxton is the latest bet that downtown's renaissance is bringing tourists and not just business travelers. And with the deal originating overseas, it's a sign investors worldwide agree.
The 1920s-era building at 11th Street and Broadway has been empty since the mid-to-late 1990s. The newspaper says Hoxton plans to remake it into a niche hotel with a restaurant and rooms that could fetch up to $300 a night.
Hoxton operates hotels in London and Amsterdam and has plans for ones in New York in Paris.