Hotel Plan Strikes Key Labor Deal

DOWNTOWN LOS ANGELES – Thomas Properties Group and Korean Air, developers of a planned $1 billion hotel and office complex that would rise where the Wilshire Grand now stands, today announced a pair of labor deals that will allow hundreds of workers to keep their jobs.

The developers hope to begin work on the hotel — phase one of the two-tower project — in December 2011. At that point, they will close the hotel, begin demolition of the 1952 structure and then, in Dec. 2012, break ground on the new building that includes 560 rooms and up to 100 condominiums. As soon as the hotel closes, management will enact the $10 million plan announced today to pay severance and healthcare benefits to workers.
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