LA Developers Scale Back $1B Hotel, Office Project

Law360, New York (March 15, 2012, 5:38 PM EDT) -- A $1 billion development project planned for the site of the former Wilshire Grand hotel in downtown Los Angeles has undergone several major adjustments, shrinking from two towers to one and replacing its developer, sources close to the matter said Thursday.

The real estate investment arm of Korean Air Lines Co. Ltd. has backed away from plans to build a 45-story hotel tower and 60-story office building in favor of a more modest 900-room hotel with a smaller office space. Originally a joint venture with Thomas...
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