by Mia Taylor
Last updated: 6:03 PM ET, Wed January 23, 2019
A new $450 million hotel and condo project is helping to revive a seedy stretch of the Sunset Strip in West Hollywood.
The property, Pendry West Hollywood, will include 149 guestrooms, 40 branded residences and a small music venue, according to Bloomberg. The developers are AECOM Capital and Combined Properties Inc.
"People in finance and tech and real estate, the traditional businesses that stay with us and stay at luxury hotels, we think we'll pull them to West Hollywood," Michael Fuerstman, who co-founded operator Pendry Hotels with his father, Alan, told Bloomberg. "We think it's a big opportunity."
The new property is slated to open next year and is one of several newly built or just renovated hotels in the area. Another building along the strip was recently converted into a new location for the eco-friendly 1 Hotels brand, part of the Starwood Capital Group.
In addition, developer Steve Witkoff is planning on opening a Marriott Edition at the other end of the Sunset Strip, Bloomberg reported.
Altogether there are more than five hotel projects in various stage of planning for the West Hollywood portion of Sunset Boulevard. That total includes plans for a hotel on the site of the legendary Viper Room nightclub. (Notorious for being the place where actor River Phoenix died in 1993.)
The supply of luxury hotel rooms in the area where the Pendry is going up has only increased about one percent since 2012, according to data provided to Bloomberg by STR. During the same time, the average daily room rate has skyrocketed 33 percent to about $429.
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