Entertainment giant AEG plans to raise hundreds of millions of dollars to help fund a planned expansion of the L.A. Live hospitality complex in downtown Los Angeles by selling part ownership in the Ritz-Carlton and JW Marriott hotels there.
AEG said Monday that it hopes to take advantage of a recent rebound in hotel prices and find an investor who wants a big piece of the primary hotels for one of the country's busiest venues for sports, music and other entertainment events.
AEG completed the hotels in 2010 at a cost of about $1 billion. They are willing to sell more than a 50% ownership stake, which would give the new owner control of the property where Marriott International Inc. manages two of its top brands, Ritz-Carlton and JW Marriott, in joined buildings with a combined 1,001 rooms and 134,000 square feet of meeting space.
