• 0
  • Home
  • About Us
  • What We Do

Shopping Cart

GPAM
  • Home
  • About Us
  • What We Do

Downtown’s historic King Edward Hotel to become transitional housing

The King Edward Hotel at 121 E. 5th Street

A nonprofit housing group has purchased Downtown’s historic King Edward Hotel with plans to convert it to housing for homeless and low-income renters.

The Healthy Housing Foundation — a group the nonprofit AIDS Healthcare Foundation created in October — announced the purchase of 121 E. 5th Street on Monday.

HHF paid just above $15 million for the hotel and its four ground-floor retail spaces. The hotel last sold to Venice investor Leonid Pustilnikov in December 2016 for $3.9 million.

Ged Kenslea of the AIDS Healthcare Foundation said about $4,000 to $5,000 will be spent on renovations per room. The rooms will be rented out at $400 to 500 per month.

The 150-room hotel borders Skid Row and was a single-room occupancy for years. SROs offer rooms to low-income tenants on a long-term basis, typically by the month. The Healthy Housing Foundation will continue to rent rooms on a month-to-month basis and will install small kitchenette units in rooms that can accommodate them. Around 40 of the rooms have private bathrooms. The hotel’s three dozen or so existing tenants will remain.

HFF purchased the 220-room Madison Hotel on 7th Street in October and the 27-room Sunset 8 hotel in Hollywood in January.

The King Edward was built in 1906 as a luxury hotel and is home to the popular King Eddy Saloon. The bar catered to the patrons of the hotel for decades before it declined, along with much of the neighborhood during the 1960s, according to Eater. It was updated following ACME Hospitality Group’s 2012 purchase.

The bar and a ground-floor coffee shop will keep their leases. HFF will either rent out the remaining two retail spaces to outside parties or use them for its own pharmacy brand and thrift store.

Powered by WPeMatico

  • 30 April 2018
  • The Real Deal
  • Uncategorized
  •  Like
Hannity portfolio draws attention to rampant LLC use →← These real estate tech game-changers could transform the way brokers do business
  • Recent Posts

    • LA County greenlights self-certification for Altadena rebuilding May 8, 2025
    • Irvine Company aims to transform golf course into village of 3K homes May 8, 2025
    • Former LA police commissioner, prominent attorney to list Bel-Air estate for $24M May 8, 2025
    • Movers: Gambino Group nabs LA, NY agents May 8, 2025
    • Sacramento investor lists 270K sf DTLA office park leasehold May 8, 2025
  • Recent Comments

    • Archives

      • May 2025
      • April 2025
      • March 2025
      • February 2025
      • January 2025
      • December 2024
      • November 2024
      • October 2024
      • September 2024
      • August 2024
      • July 2024
      • June 2024
      • May 2024
      • April 2024
      • March 2024
      • February 2024
      • January 2024
      • December 2023
      • February 2023
      • January 2023
      • December 2022
      • November 2022
      • October 2022
      • September 2022
      • August 2022
      • July 2022
      • June 2022
      • May 2022
      • April 2022
      • March 2022
      • February 2022
      • January 2022
      • December 2021
      • November 2021
      • October 2021
      • September 2021
      • August 2021
      • July 2021
      • June 2021
      • May 2021
      • April 2021
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018
      • October 2018
      • September 2018
      • August 2018
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • January 2018
      • December 2017
    • Global Property and Asset Mangement, Inc.
      137 North Larchmont
      Los Angeles, California 90010
      +1 213-427-1127

    © 2025 GPAM