KB Urban, AEG Partnership to Combine Marriott Marquis Hotel, Ritz-Carlton

KB Urban AEG Partnership to Combine Marriott Marquis Hotel Ritz-Carlton
KB Urban, the high-density, mixed-use subsidiary of KB Home, one of the nation's premier homebuilders and AEG, one of the leading sports and entertainment presenters in the world, nounced an agreement with Marriott International, Inc. to open two luxury hotel properties and private residences at the L.A. Live sports and entertainment district currently under construction in downtown Los Angeles.

Marriott Hotel Services, Inc. will be the exclusive hotel operator of the Los Angeles Marriott Marquis and The Ritz-Carlton Hotel Company, LLC, a wholly owned subsidiary of Marriott International, will manage The Ritz-Carlton Hotel, Los Angeles.

KB Urban and AEG are co-developers of the approximately 2 million square foot property.

Under the terms of the agreement, the complex will include the Los Angeles Marriott Marquis, an 876-room property, which will serve as the headquarters hotel of The Los Angeles Convention Center, and The Ritz-Carlton, Los Angeles, a 124-room boutique hotel.