LA's Little Tokyo landmark hotel has money woes

LOS ANGELES—A 21-story Little Tokyo landmark is in financial trouble.


The 434-room downtown Kyoto Grand Hotel and Garden has defaulted on a nearly $34 million loan and could face foreclosure if a resolution isn't reached by Monday.

Little Tokyo Partners LP attorney Martin Taylor said Tuesday that he was optimistic a deal can be worked out with lender First Citizens Bank and Trust.

The hotel's Thousand Cranes restaurant recently closed.

Hotel general manager Richard Gaines says the recession hit hotels hard last year, but adds Kyoto Grand business has been picking up this year.