POSTED: March 29th 2014
NewsUpdate

Korean Air is investing $1 Billion to remodel Los Angeles landmark Wilshire Grand Hotel

The new Wilshire Grand Hotel will rise like a crystal tower over the LA skyline / Wilshire Grand Hotel
The new Wilshire Grand Hotel will rise like a crystal tower over the LA skyline / Wilshire Grand Hotel

MARISSA FLANDERS / Sports Features Communications

(SFC) The Wilshire Grand Hotel in downtown Los Angeles is being remolded by its owners, the Hanjin Group who owns flag carrier Korean Air. The hotel was bought by Korean Air in 1989 and was approved by the city officials for remodeling in 2011.

Hanjin Chairman and Korean Olympic Committee vice-president, Cho Yang-ho, revealed his blueprint for the hotel last February. It would be a 15-story, 900-room hotel. Cho promised to have the hotel become a new “landmark” for the city of Los Angeles. 

Cho felt strongly in investing in the United States and feels that the economy will pick up and wants to be part of it.

The remodel is projected to be finished by 2017 and the group intends to spend close to $1 billion for the project. The project would “create 11,000 jobs for the city and generate $80 million in tax revenue,” stated a Korean Air official. 

The lodging taxes for the next 25 years will be excused by the city, which would usually report for 14 percent of room chargers. The assessment by Korean Air would be a savings of $79 million. 

Should the USOC decide to go forward with a 2024 Olympic bid for Los Angeles, the Wilshire Grand could play a key role in that campaign. 


Keywords · Korean Air · Hanjin Group · Los Angeles · Wilshire Grand Hotel · Cho Yang-ho


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