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Article: LAUSD Checks Into Hotel: District to Issue Debt to buy Famed Ambassador.
- Article from:
- The Bond Buyer
- Article date:
- December 7, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Los Angeles Unified School District plans to issue debt next week to acquire a landmark hotel that sits on 23 acres of prime real estate where the district would like to build new schools.
The famed Ambassador Hotel, located west of downtown Los Angeles, is best known for its glory days hosting a who's who list of Hollywood celebrities and international figures before presidential candidate Robert F. Kennedy was assassinated there in 1968.
Purchasing the now dilapidated and vacant hotel is just one example of the great lengths that the LAUSD must go to in order to clear the way to build scores of new schools, which will eventually lead to billions of ...