Simon Baron Development, based out of New York City, expanded its footprint by acquiring the ground lease on the 600-room, Stay on Main Hotel, located at 640 South Main Street in downtown Los Angeles from 248 Haynes Hotel Associates. The acquisition marks the beginning of the developer’s expansion to the west coast and their first project in California.
“We are very excited about our expansion into California, and more specifically downtown LA, which is transforming into a major developed area and undergoing a renaissance. The historic neighborhood that the property is located in is quickly becoming the trendy locale in downtown and we are looking forward to contributing to that,” said Matthew Baron, president of Simon Baron. “We plan to use this project as a catalyst to begin more projects on the West Coast, more specifically, in the greater Los Angeles area.”
Simon Baron plans to reposition the 170,000-square-foot property into a modern mixed-use facility with capital improvements. Simon Baron was represented by Ben Reznik of Jeffer Mangels Butler & Mitchell in the deal, and by David Swartz of CGS3 in the ground lease. The hotel is located in the heart of Los Angeles' Historic Core neighborhood.
“This is a very unique property that delivers the opportunity to revitalize a historic building and improve the neighborhood surrounding it,” said Jonathan Simon, founder and CEO of Simon Baron. “We plan to continue to work closely with the community of downtown LA to meet their needs and provide them with a best-in-class project.”
The hotel is one mile to LA Live, minutes by Metro to Hollywood and within walking distance to the fashion, toy and jewelry districts.
