Shivom Acquires $18M DTLA Site for New Mama Shelter Hotel

Cushman & Wakefield has represented the seller in the $18 million dispositional sale of a hospitality development site in downtown Los Angeles. Shivom, LLC acquired the site at 124 E Olympic Blvd, which currently houses a vacant 71,000-square-foot office building. The company will partner with Hospitality Solutions to construct the Mama Shelter Hotel, a combination adaptive reuse and new construction redevelopment.

In addition to the 149 hotel keys, the project will feature a rooftop pool, penthouse suites and a ground-floor restaurant. Cushman & Wakefield’s Mike Condon Jr, Erica Finck, Connor Martin, McKenna Gaskill and Rob Hooks represented Jamison Services in the deal while Lee & Associates’ Jim DeRegt represented Shivom.

“This transaction is a key turning point in Downtown Los Angeles’ post-pandemic hospitality market,” said Condon. “As DTLA recovers and continues to zoom past pre-pandemic revenue and occupancy benchmarks, we expect this to be the first big news on new hospitality development, but certainly not the last.”