Jamison Sells Fashion District Site For Mama Shelter Hotel
Jamison Services offloaded a redevelopment site in the Fashion District — currently home to an unused office building — to a development team with plans to put a Mama Shelter-branded hotel on the property.
The buyer is Shivom LLC, led by Kevin Wadhwani, which paid $18M for the site, according to a release from Cushman & Wakefield.
Mama Shelter are boutique hotels with simply appointed but stylish rooms in the midmarket range. There is a Mama Shelter hotel in Hollywood, on Wilcox Avenue just south of Hollywood Boulevard.
“This transaction is a key turning point in Downtown Los Angeles’ post-pandemic hospitality market,” Cushman & Wakefield Vice Chairman Mike Condon Jr. said. “Many experts recognize the lifestyle and boutique hotel segment in DTLA has been recently setting performance records, despite what is happening with other product types in the submarket.”
A November report from the Downtown Los Angeles Business Improvement District, a business- and property-owner organization, found that year-to-date occupancy in Downtown hotels had increased 37.7% year-over-year, up to 67.6%. The average daily rate in those same hotels was up 33.9% from the prior year.
Jamison Services entitled the Mama Shelter site at 124 East Olympic Blvd. for a 149-room hotel development prior to the sale. The seven-story project will hold street-level and rooftop restaurants.
The developers will be partnering with Sammy Chotirmal of Hospitality Solutions to build the combination adaptive reuse and new construction project.
Cushman & Wakefield’s Condon Jr., Erica Finck, Connor Martin, McKenna Gaskill and Rob Hooks represented Jamison. The buyer was represented by Jim DeRegt of Lee & Associates.
