by Michael J. Shapiro | October 25, 2016

A Park Hyatt will anchor the Oceanwide Plaza development in downtown Los Angeles, the Wall Street Journal has reported. Hyatt Hotels recently inked the agreement with Oceanwide Holdings, a Chinese conglomerate. The US$1 billion mixed-use project, across from the Staples Center, is Oceanwide's first stateside development, while the hotel will be Park Hyatt's first in L.A.

Oceanwide's full plans for the 4.6-acre development include a 183-room 5-star hotel (although Hyatt hasn't confirmed that room count), 504 luxury condominiums, 166,000 square feet of retail space and a 30,000-square-foot LED display.

The plaza, which is being designed by the firm CallisonRTKL, is expected to open for business in 2019.