The Laguna Beach company hopes to tap into the growing appetite for high-end hotel living. The project joins an increasingly upscale Strip, once known for its raw music scene.
The last two properties sold there commanded nearly $4,000 a square foot, a top-level price for Los Angeles-area condos, said Tina Necrason, who is in charge of Montage’s residential arm. “We know there is demand.”
“Globally mobile, brand-conscious, wealthy individuals are attracted by quality design, security and the level of service branded residences offer,” Savills said. The $2.5-billion Century Plaza project involves renovating the 19-story crescent-shaped hotel, adding 63 private residences in the hotel, building two 44-story condo towers and adding 100,000 square feet of retail space.
About 80% or more of the Pendry buyers are expected to be people who already live within a six-mile radius, perhaps with careers in music or other entertainment fields. An artist’s depiction of a private terrace attached to a luxury residence at the Pendry hotel, being built on the Sunset Strip.
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