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Korean Air chairman and CEO Walter Cho Won-tae and the Wilshire Grand Center at 900 Wilshire Boulevard (Credit: Jae Joon Lee via Wikipedia and Fredchang931124 via Wikipedia)
The tallest skyscraper west of the Mississippi may soon be up for sale, as the Korean conglomerate that owns it struggles to shore up its finances.
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Korean Air is in talks with investors regarding a possible sale of the 73-story Wilshire Grand Center in Downtown Los Angeles, the Korean Economic Daily reported, citing industry sources.
The property was facing a $900 million debt maturity this month. On Wednesday, Korean Air’s board decided to lend $950 million to Hanjin International, the subsidiary that owns the mixed-used tower, in order to refinance the debt and sustain hotel operations hurt by the coronavirus, according to a local stock exchange disclosure.
A $300 million piece of that loan is expected to come from the Export-Import Bank of Korea, while the remaining $650 million will be funded by Korean Air itself. The bank loan will have a term of two years, while the company’s own loan is set to be paid off in one year.
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According to local media reports, creditor approval for the new financing was conditioned on the airline moving forward with a sale of the property. Korean Air is also in talks with a U.S. investor to sell a stake in Hanjin International, which together with a bridge loan would generate another $300 million for the firm.
A representative for Korean Air said the firm has not “discussed the sale of the Wilshire Grand, ” but confirmed it was in talks to sell a stake in Hanjin International to unidentified investors. “The company is having difficulties refinancing due to a sharp drop in demand for hotels and offices caused by the Covid-19 pandemic, ” the airline said in a statement.
The tower, which opened its doors in 2017, was developed at an estimated cost of $1.2 billion. In addition to the hotel, the building includes 677, 000 square feet of office space and 67, 000 square feet of retail space. Korean Air’s latest annual report values the Hanjin International subsidiary at $914.4 million.
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Like most airlines, Korean Air has taken a hit from a drastic decline in air travel in recent months, but its problems — and those of its parent conglomerate Hanjin Group — predate the pandemic. The group’s former chairman Cho Yang-ho died early last year, leading to a messy family feud among his children over control of the company.
Cho’s elder daughter Heather attracted international notoriety in 2014 with the so-called “Nut Rage” incident, after she ordered a Korean Air flight to return to the gate at New York’s John F. Kennedy International Airport because of the way a flight attendant served nuts. Cho’s only son Walter is now the group’s chairman and CEO.
Heather Cho joined forces with an activist investor, Korea Corporate Governance Improvement Fund, in an attempt to seize control of the company earlier this year, but those efforts have so far been rebuffed. The activist fund had also pushed for a sale of the Wilshire Grand, noting in promotional material that the property has “no or low synergy with [the] aviation industry” and “suffer[s] from chronic losses.”Wilshire Grand Cter is a 1, 100-foot (335.3 m) skyscraper in the financial district of downtown Los Angeles, California, occupying the tire city block betwe Wilshire Boulevard and 7th, Figueroa, and Francisco streets. Completed in 2017, it is the tallest building west of Chicago. Though the structural top (in this case, the spire) of the Wilshire Grand surpasses L.A.'s U.S. Bank Tower by 82 ft (25 m), the roof of the U.S. Bank Tower is still 90 ft (27.4 m) above the Wilshire Grand's.
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The Skyscraper Cter lists the Wilshire Grand Cter as the 15th-tallest building in the U.S. and the 95th-tallest in the world. It won the Structural gineering Award 2019 Award of Excellce from the Council on Tall Buildings and Urban Habitat.
The original Wilshire Grand Hotel oped in 1952 as the Hotel Statler, on the site of the new Wilshire Grand. In 1950, the city of Los Angeles issued the largest single building permit at the time for the construction of the hotel, which cost over $15 million. The hotel quickly became a landmark of downtown Los Angeles,
In 1954, two years after its oping, Hilton Hotels & Resorts purchased the Statler Hotels chain, raming the hotel the Statler Hilton in 1958. In 1968 Hilton completed a $2.5 million rovation of the hotel and ramed it the Los Angeles Hilton, and later the Los Angeles Hilton and Towers. Reliance Group later purchased the hotel in 1983 and invested $30 million in rovations. Korean Air purchased the Los Angeles Hilton from Reliance in 1989. They changed the hotel's managemt and it became the Omni Los Angeles Hotel in 1995 and th later the Wilshire Grand Hotel in 1999.
Wilshire Grand Center
Seeking to revive the Wilshire Grand as a landmark and icon of Los Angeles, chairman and CEO Cho Yang-ho of Hanjin Group conceived the idea of developing a new complex which would include the tallest building in Los Angeles, at 1, 099 feet (335 m). It is also part of an urban developmt effort to revitalize the Figueroa Street corridor of downtown Los Angeles as a vibrant light-and-sign district, similar to New York's Times Square.
Demolition of the original building began on October 23, 2012, and continued for over a year until November 21, 2013, wh a bottoming-out ceremony was held in the 106-foot pit (32 m) excavated for the towers.
Originally visioned as two towers, the taller of which would have be 1, 250 feet (380 m) tall, the complex is now a single 1, 100-foot (335 m), 73-story tower consisting of the 889-room InterContintal Los Angeles Downtown hotel, retail, observation deck and office space. The Los Angeles–based architectural firm, A.C. Martin Partners, oversaw the project and prepared the currt design. They took over from Thomas Properties, which managed the early proposals, but which was replaced wh the owners became dissatisfied with their approach.
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The tower will spearhead part of a new planned light and sign district that will extd along the Figueroa Corridor down to L.A. Live. According to rect rderings, it is unclear however to what extt LED lighting and advertising will be applied.
Lead designer David C. Martin said that the spire and the tire exterior skin of the tower will be filled with programmable LED lighting.
The skyscraper is a distinctive part of the Los Angeles skyline, as it is the first building over 75 feet tall built since 1974 to not feature a flat roof design, an integral part of buildings in Los Angeles today.
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The pattern of buildings in Los Angeles to feature these flat roofs was the result of a 1974 fire ordinance which required all tall buildings in the city to include rooftop helipads in response to the Joelma Fire in São Paulo, Brazil, in which helicopters could not be used to effect rescues from the rooftop of the building because of the lack of a landing spot, and could otherwise have prevted many deaths.
The Wilshire Grand was granted an exception by the Los Angeles City Fire Departmt however, as the building includes advances in fire safety and building technology (such as a reinforced concrete ctral core) which exceeds the city's currt fire code. The building nevertheless has a helipad, but it is smaller than the uniform standard used in the city, and, like all helipads, can only be used in emergcies. The helipad is still big ough for a smaller rescue or fire helicopter to land onto.
The elevators in Wilshire Grand Cter are supplied by Otis Elevator Company. The four double-deck express cars servicing the hotel's main lobby on the 70th floor travel at 1600 feet per minute.
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Turner Construction received the contracts for both the demolition of the former hotel and the construction of the new tower. The latter began on February 15, 2014, with a record 21, 600 cu yd (16, 500 m
The foundation is set on bedrock known as the Fernando Formation; this siltstone has be compressed by an ocean that formerly covered the area and is a good base for a building.
Exterior stone cladding and paving were used on the project. The sourcing, production, QA/QC and expediting of the stone was carried out by Ramsey Stone Consultants on behalf of Turner Construction.
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The building, while recognized as tallest in the city by the Council on Tall Buildings and Urban Habitat, achieves this recognition through the height of its decorative sail and spire rather than highest occupiable floor space. From the ground, due to local topography, the Wilshire Grand sits visibly lower than other surrounding buildings. From the vantage of the building's 73rd floor observation deck, the US Bank Tower is markedly higher in elevation, and remains downtown Los Angeles' most promint visual landmark.
The building is owned by the Hanjin Group (through its subsidiary Hanjin International), a South
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