The Kor Group Developing 271-Room Santa Monica Proper Hotel with Alex Gorby and Goldman, Sachs & Co.

. October 18, 2016

LOS ANGELES, CA. October 18, 2016 - The Kor Group is proud to announce that it has begun construction on the luxury lifestyle hotel, Santa Monica Proper, which they are developing with long-time landowner Alex Gorby and the Merchant Banking Division of Goldman, Sachs & Co. Slated to open in Winter 2018/2019, Santa Monica Proper Hotel is The Kor Group's second partnership with Goldman, Sachs & Co, who is also the lead capital partner on The Kor Group's Austin Proper Hotel & Residences, which is also under construction.

The 271-room hotel, located blocks from the Pacific Ocean along Wilshire Boulevard in vibrant Downtown Santa Monica, will be managed and branded by the luxury lifestyle hotel operator, Proper Hospitality. The property will feature interior design by international style icon Kelly Wearstler, multiple dining options by local area culinary stars, a rooftop lounge and swimming pool, 8,000 square feet of meeting and event space, and almost 7,000 square feet of ground floor retail. The Kor Group, who is well known for developing iconic adaptive reuse properties in Los Angeles, will work with Santa Monica-based architecture firm Howard Laks Architects to renovate the original 1928 6-story Spanish Colonial Revival style building and expand the footprint with a new modern seven-story building seamlessly merging classic and contemporary design.

“We are thrilled to build a special luxury lifestyle property right in our own backyard with the ideal partners, Alex Gorby and Goldman, Sachs & Co.,” said Brian De Lowe, President and Co-Founder of Proper Hospitality and Partner at The Kor Group. “Like our other flagship Proper-branded hospitality offerings in Hollywood, San Francisco, Downtown LA, and Austin, Santa Monica Proper Hotel will provide a much-needed, high-end boutique experience to one of the most sought-after creative cities in the world.”

When complete, Santa Monica Proper Hotel will become the hub of Downtown Santa Monica's newest pedestrian-friendly epicenter for business, entertainment, leisure and retail. Only blocks from the Pacific Ocean and other area attractions, it is ideally located in the heart of “Silicon Beach,” an area that boasts a concentration of technology, entertainment and digital media industries and has become a magnet for leading corporations and entrepreneurial tech startups such as Microsoft, Google, Facebook, Yahoo!, IMAX, Apple, and Sony. The hotel is also only a few blocks from the new Exposition Light Rail Station, providing connections to Culver City, Downtown, and the entire Los Angeles rail network.

About The Kor Group

The Kor Group is an international real estate investment and management company with extensive holdings and development experience in commercial real estate properties. Since its inception in 1999, Kor has acquired and developed hospitality, residential, and office assets valued in excess of $2.5 billion. Central to Kor's investment strategy is value creation through distinctive design and branding. By fusing creative design with an agile investment and development discipline, Kor has amassed a portfolio of high performing assets and has built a signature brand translatable across its properties. Kor has acquired, repositioned and managed over 14 million square feet of residential, mixed use, hotel, commercial office and retail space. Kor has over $1 billion in active developments - 1.4 million square feet in the acquisition, development, or construction stage, including ground-up development, value-add repositioning, and adaptive reuse. For more information, visit: www.thekorgroup.com.

About Proper Hospitality

Led by the creators of the Viceroy Hotel Group, Proper Hospitality designs, brands, and operates high-end lifestyle hospitality experiences under the Proper Hotels and Residences and Avalon Hotels brands. Each is a distinctive reflection of the vibrant community surrounding it, yet as a group they share a common belief in uncommon luxury, convenience of location, and world-class amenities provided by locally vetted innovators in food and beverage, technology, art, music, fashion, and wellness. Proper Hospitality currently manages Avalon branded hotels in Beverly Hills and Palm Springs, and began rolling out the Proper brand with the opening of Hollywood Proper Residences in June 2016. Over the next few years, additional Proper Hotels and Residences will open in other emerging urban innovation districts within dynamic U.S. cities, including San Francisco, Los Angeles, Austin and Santa Monica. For more information, visit: www.properhotel.com.

About The Merchant Banking Division of Goldman, Sachs & Co.:

Founded in 1869, the Goldman Sachs Group, Inc., is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for Goldman Sachs' long-term principal investing activity. With nine offices across seven countries, the Merchant Banking Division of Goldman Sachs is one of the leading private equity investors in the world with equity and credit investments across corporate, real estate, and infrastructure strategies. Since 1986, the group has invested approximately $155 billion of levered capital across a number of geographies, industries and transaction types. Established in 1991, the Real Estate Principal Investment Area within MBD has invested in real estate and real estate related assets totaling approximately $53 billion in equity across more than 800 investments located in 35 countries. Investments include office, retail, industrial, hospitality, residential, acquiring real estate companies, real estate projects, loan portfolios, debt recapitalizations and direct property.

Contact:
Alexis Murray-Merriman
[email protected]
(212) 228-1500

Allyson Berkowitz
[email protected]
(212) 228-1500

Business Contact:

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