419 Spring Street

This project represents a premier adaptive reuse opportunity in one of Los Angeles’ most vibrant neighborhoods. The initiative builds on zoning reforms introduced in 2004 to encourage the redevelopment of historic structures within the Historic Downtown District.

Hybridge Capital Management (HCM) pursued this acquisition given the City of Los Angeles’ ongoing revitalization efforts, which continue to transform the Historic District into a thriving hub with cleaner streets, new businesses, and growing foot traffic from residents, workers, and tourists. With Los Angeles hosting the 2028 Olympic Games, the area is poised for even greater economic activity and global visibility.

The Historic District is among the city’s most dynamic neighborhoods, home to an eclectic mix of acclaimed restaurants, bars, art galleries, and fashion boutiques. Its ornate theaters and historic architecture create one of the most densely populated and culturally significant areas of Downtown Los Angeles.

The property itself is a 13-story, partially redeveloped hotel with 180 guest rooms. Originally an office building, redevelopment commenced in 2018 but was halted in 2020 at roughly 40% completion when the prior developer defaulted on its construction loan during the COVID-19 pandemic. Following foreclosure, HCM acquired the asset in an off-market transaction in 2025—free and clear of liens, including the ground lease—for an undisclosed basis. This provides sponsorship with the ability to capitalize on an existing $49,000,000 basis from a fee simple position.

The site encompasses 12,432 square feet with a gross building area of 143,513 square feet. Planned hotel amenities include: A mezzanine-level piano lounge, High-end restaurant, Expansive lobby and café, Lounge and business center, Fitness center and sundry shop, 2,512 square feet of meeting space, and 84 parking garage spaces

The hotel has received pre-approval from Hilton to operate under its luxury Tempo by Hilton brand—an upscale positioning that adds significant value compared to the previous developer’s Cambria flag.

Construction is expected to recommence in Q1 2026, with completion delivering a transformative hospitality asset in the heart of Los Angeles’ Historic Core.

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