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LA Biltmore Up for Sale, Again

Where: 506 South Grand Avenue [map], Los Angeles, ca, United States, 90071

Not all the great hotels in Los Angeles are in Beverly Hills.

The Millennium Biltmore Hotel, a historic landmark hotel in downtown Los Angeles (yes, the city has a downtown) will change hands again, as current owners WHB Corp., a subsidiary of Millenium Copthorne Hotels of London, have put it on the market after nearly six years of ownership.

Word is they are trying to cash in on the hot hotel market.

No fixed price is set for the 1923 hotel (host to the Academy Awards, important politicos and even as the venue for several local high school proms) but it was purchased by the WHB Corp. as part of a group purchase of 28 U.S. properties for $640 million.

It has been predicted to sell anywhere from $170 million to $500 million, as reported by the LA Business Journal, which would set a record in Los Angeles County.

In addition, with nearly 235,000 square feet of empty office space, it has potential to be used for condos a la the Plaza in New York City.

Related Stories:
·   Historic Biltmore Hotel Up for Sale [LA Times]
·   Biltmore Sale Could Set Record [LA Biz Journal]