Century Plaza Owners Make Historic Nomination

Next Century Associates, LLC, owners of the Century Plaza Hotel, in cooperation with the Los Angeles Conservancy, the National Trust for Historic Preservation and Los Angeles City Councilmember Paul Koretz, today filed a nomination for the designation of the famed hotel as a Historic Cultural Monument. The nomination is an important step in the preservation of the hotel that serves as the centerpiece of the 1.5 million square foot mixed use development plan approved by the City Council in January of this year. The Cultural Heritage Commission had previously reviewed the development plan and determined the building eligible for designation as a City Historic-Cultural Monument.

Michael Rosenfeld of Next Century Associates stated, "The hotel's designation will forever affirm the collaborative efforts of the City, the developer, and the preservation community in protecting an important icon as the cornerstone of a new vibrant mixed use community."

"I'm delighted that the nomination of the Century Plaza Hotel as a historical resource is moving forward this week," says Councilmember Paul Koretz. "The Century Plaza has extraordinary architectural design and historical value, plus it is an economic engine for our Westside and an essential part of our city's social fabric. I very much want to salute the Century Plaza team for demonstrating truly great wisdom, flexibility and civic patriotism in seeking and embracing historical resource status."

"We are truly excited that we have reached the milestone of designating the hotel as a historic landmark and look forward to this project becoming a reality," said Linda Dishman, Executive Director of the Los Angeles Conservancy. "We would again like to thank Councilmember Paul Koretz for his leadership throughout this process."

Completed in 1966, the existing 726-room hotel with its sweeping curved facade has been a gathering place for celebrities, politicians and world dignitaries. The hotel was designed by architect and engineer Minoru Yamasaki, who was also the architect of Century City's Theme Towers and New York's World Trade Center towers.

The National Trust for Historic Preservation (www.PreservationNation.org) is a non-profit membership organization bringing people together to protect, enhance and enjoy the places that matter to them. By saving the places where great moments from history - and the important moments of everyday life - took place, the National Trust for Historic Preservation helps revitalize neighborhoods and communities, spark economic development and promote environmental sustainability. With headquarters in Washington, DC, nine regional and field offices, 29 historic sites, and partner organizations in 50 states, territories, and the District of Columbia, the National Trust for Historic Preservation provides leadership, education, advocacy and resources to a national network of people, organizations and local communities committed to saving places, connecting us to our history and collectively shaping the future of America's stories.

The Los Angeles Conservancy (www.laconservancy.org) is a nonprofit membership organization that works through advocacy and education to preserve, revitalize, and recognize the historic architectural and cultural resources of Los Angeles County. Created in 1978 as part of the community-based effort to prevent demolition of the Los Angeles Central Library, the Conservancy now has more than 6,000 members and hundreds of volunteers, making it the largest local preservation organization in the U.S.

Next Century Associates, LLC, is a partnership between Michael Rosenfeld's Woodridge Capital Partners, LLC, and funds managed by Oaktree Capital Management LP. Woodridge Capital is a broad based real estate investment company with hotel, residential and commercial assets throughout the United States, and has been active in the real estate industry for more than 25 years. Oaktree is a leader among global investment managers specializing in alternative investments, with $78.8 billion in assets under management as of March 31, 2013. Headquartered in Los Angeles, the firm has over 700 employees and offices in 13 cities worldwide. For more information, visit www.oaktreecapital.com. Next Century Associates purchased the Century Plaza Hotel in May 2008.

SOURCE: BUSINESS WIRE