Stalled Park Hyatt Los Angeles Project Sees Potential Restart After 7-Year Delay

California developer plans to acquire and complete the long-delayed mixed-use development, though the Park Hyatt branding remains uncertain.

Published on Feb. 26, 2026

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The Park Hyatt Los Angeles project, part of the larger Oceanwide Plaza development, has been stalled for seven years after construction initially stopped in 2019 due to the developer's financial issues. Now, California real estate firm KPC Development has agreed to purchase the project in bankruptcy court, with plans to complete the hotel, residential, and retail components as originally envisioned, though under a new name.

Why it matters

The Park Hyatt Los Angeles was supposed to mark the return of the luxury hotel brand to the city, replacing the former Park Hyatt in Century City. The long-stalled project has become an eyesore in downtown LA, and its completion could revitalize the area with new housing, shopping, and hospitality options.

The details

The original $1 billion Oceanwide Plaza development was being built by Chinese conglomerate Oceanwide Holdings and was supposed to include three towers - one with a 184-room Park Hyatt hotel and 164 serviced condos, and two others with 340 residential units. Construction initially stopped in early 2019 due to the developer's financial issues, and the project has remained in limbo since, with the unfinished towers becoming covered in graffiti.

  • In 2016, plans were announced for the Park Hyatt Los Angeles, which was supposed to open in 2019.
  • Construction on the Oceanwide Plaza development started in 2015 and the project topped out in 2019.
  • Construction on the project stalled in early 2019 and has remained unfinished since then.
  • In late 2019, construction stopped again after briefly resuming, and the project has been stuck in limbo ever since.
  • If the bankruptcy court approves the sale to KPC Development, the new owner plans to complete the project by 2029.

The players

Oceanwide Holdings

The Chinese conglomerate that was originally developing the Oceanwide Plaza project, including the planned Park Hyatt Los Angeles.

KPC Development

The California real estate developer that has agreed to purchase the Oceanwide Plaza project in bankruptcy court and plans to complete construction on the mixed-use development.

Park Hyatt

The luxury hotel brand that was supposed to operate a 184-room hotel as part of the Oceanwide Plaza development, marking its return to Los Angeles.

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What they’re saying

“Even if this deal does get finalized, realistically I imagine it'll be a year or so before all necessarily permits are obtained to continue work.”

— Ben Schlappig (onemileatatime.com)

What’s next

The bankruptcy court is expected to approve the sale of the Oceanwide Plaza project to KPC Development by April 9, 2026. If no higher qualified offer is received by that date, the court will approve the $470 million sale to KPC, which plans to then remove the graffiti and move forward with completing the mixed-use development, though under a new name.

The takeaway

The long-stalled Park Hyatt Los Angeles project finally has a potential path forward, though the future of the Park Hyatt branding remains uncertain. The completion of this development could revitalize a key downtown LA neighborhood, but it will likely take several more years before the project is finally realized.