April 4, 2025 #1 Local News, Information and Event Source for the Century City/Westwood areas.

Next Century Partners to Undergo Foreclosure on $2.5 Billion Stake in Century Plaza Hotel Redevelopment

December 14 foreclosure auction set for Next Century Partner’s stake in the project

By Dolores Quintana

Next Century Partners, which is part of the Los Angeles company Woodbridge Capital Partners, will undergo a foreclosure on their stake in the Century Plaza Hotel redevelopment project in Century City, as reported by The Real Deal.com. On December 14, a uniform commercial code foreclosure auction for Next Century Partner’s stake in the project will take place. 

The Century Plaza Hotel is located at 2025 Avenue of the Stars. 

The stake is worth $2.5 billion, as reported by Co-Star’s news site and this specific kind of auction makes it possible for Next Century Partners to avoid a court appearance. Woodbridge Capital Partners originally purchased the hotel in June 2008 for almost $367 million. The purchase was co-financed by D.E. Shaw. 

However, the project faced pushback from local residents who opposed the redevelopment of the hotel which would have cost billions of dollars and would have included a plan that called for the Plaza Hotel to be razed. Another issue was trying to find financing in an already difficult economy even prior to the pandemic. 

David and Simon Reuben, who are businessmen who are philanthropists as well, gave the project $275 billion as reported by The Real Deal.com, JPMorgan Chase provided a senior load of $446 million, Colony Capital added mezzanine financing from an investment vehicle that they manage in the amount of $120 million and CMB Export LLC Regional Center lent $450 million in EB-5 financing to the project as reported by New Century.

The recently completed Century Plaza complex, completed in 2021, has 400 hotel rooms with an additional 331 residential units in two 44-story towers. 268 of the units are considered luxury housing, the hotel itself has been completely renovated and is 19 stories and the complex is completed by a 94,000 square foot area of retail stores and restaurants. The complex comes with 63 “high-end” units meant for sale on the top floors of the hotel as reported by Co-Star. Those units will be sold for prices between $1.8 and 11.8 million each. 

Part of the issue with the new complex which caused the financial problems for Next Century and Woodbridge is the fact that the complex was opened right in the middle of the second year of the pandemic. During this time, home sales were down which adversely affected the new Century Plaza. 

It is not known which of the creditors in this deal was responsible for setting the foreclosure in motion and the main group of creditors who are part of the project are not part of the public record. Motcomb Estates Limited is the entity for whom the foreclosure was coordinated and according to Co-Star is affiliated with the Reubens. 

Alan Reay, president of Irvine hotel brokerage Atlas Hospitality Group, said according to Co-Star, that the auction should be popular among developers and real estate investors. He also cautioned, as quoted by CoStar,  “In the development business, you’ve got to have super deep pockets. If you time it right, you make a fortune. If you miss it, you get wiped out.”

Related Posts

WeHo Pride Will Begin with Harvey Milk Day Celebration and José Sarria Drag Pageant

April 4, 2025

April 4, 2025

West Hollywood to Honor LGBTQ+ Icons at Pride Kickoff Event The City of West Hollywood will kick off its WeHo...

Suspect Arrested and Charged in March 27 Hit-and-Run Death

April 4, 2025

April 4, 2025

The Victim Was on the Way to His Job at the Beverly Hills Hotel  A 20-year-old man has been arrested...

LAPD to Conduct DUI Checkpoints and Saturation Patrols Across L.A. This Weekend

April 4, 2025

April 4, 2025

Checkpoints and Saturation Patrols Target High-Risk Areas, Come With High Penalties The Los Angeles Police Department will conduct a series...

(Video) Adorn Your Home With Plants and Pottery from Urban Jungle

April 4, 2025

April 4, 2025

Go To Urbanjungleplantsandpottery.com For More Info Go To https://t.co/feBSQqsNTn For More Info pic.twitter.com/1TVjkCYdmv — CCNewsLA (@CCWNNews) April 4, 2025

Join UCLA’s Innovative Memory Research Study!

April 3, 2025

April 3, 2025

Are you ready to contribute to groundbreaking research and help shape the future of memory treatments? Do you sometimes find...

Coming Soon: Easter Extravaganza at Regent Santa Monica Beach

April 3, 2025

April 3, 2025

Book your Delectable Brunch, Easter Festivities This Easter, step into a world of celebration and refined delight at Regent Santa Monica Beach....

Scoop Dreams Come True: Van Leeuwen Launches New Beverly Hills Shop

April 3, 2025

April 3, 2025

Van Leeuwen’s Beverly Hills Opening Comes With Sweet Perks Van Leeuwen Ice Cream, a New York City-born brand celebrated for...

WeHo’s WeHappy Wednesdays Serve Up Big Discounts In Addition to Zero Parking Fees

April 3, 2025

April 3, 2025

Free Parking and $5 Cocktails? WeHo Makes Wednesdays Worth It The City of West Hollywood and the West Hollywood Chamber...

Saijo Hand Roll Rolls into Culver City with Premium Japanese Ingredients

April 2, 2025

April 2, 2025

Binchotan-Fired Perfection: Saijo Rolls Out Premium Sushi in West LA A new destination for hand rolls and Japanese culinary craftsmanship...

(Video) Check Out Bernie’s, a New Pop Up at Citizen Public Market in Culver City

April 2, 2025

April 2, 2025

Made with fresh frozen fruit and a toasted merengue topping these flavors are irresistible. The pop up will be at...

From Cocktails to Coffee: U.S. Tariffs Threaten Imports, Jobs, and Your Grocery Bill

April 2, 2025

April 2, 2025

Major Price Hikes Expected for Coffee, Wine, Chocolate, and Butter  A sweeping new set of tariffs announced by former President...

Levain Bakery to Open Venice Location with Special Guests and Charitable Twist

April 2, 2025

April 2, 2025

Bigger Than a Cookie: Levain’s Venice Opening Is a Flavorful Fundraiser Levain Bakery, the cult-favorite cookie destination founded in New...

LAX Airport Server Finds Hate-Filled Message From Unidentified Diners

April 2, 2025

April 2, 2025

Waiter Says He Was Stunned by the Message Left by Customers Guillermo Ortiz, who works at Planet Hollywood inside the...

Sunset Strip Staple Le Petit Four Shuts Down After Landlord Pulls the Plug

April 2, 2025

April 2, 2025

End of an Era: Le Petit Four Forced to Close in West Hollywood In a stunning reversal to the upbeat...

Metro LA Pushes Back Sepulveda Transit Community Meetings

April 2, 2025

April 2, 2025

Environmental Review Delay Prompts Metro to Reschedule  Metro announced that community meetings scheduled for early April to discuss the Sepulveda...