June 20, 2024 Breaking News, Latest News, and Videos

Fairmont Miramar Hotel Goes on Market:

The Fairmont Miramar Hotel at Ocean Ave. and Wilshire Blvd. has been put on the market, it was reported this week, with the property being listed by Eastdil Secured.

The hotel, which is now managed by Fairmont Hotels & Resorts, a Canadian hotel management company, has a long history as a Santa Monica landmark. A private mansion was built on the site in 1898 and hosted a steady flow of Congressional visitors and celebrities of the time. The property opened its doors as a hotel in 1921 and, after changes through the years, underwent an extensive renovation in 2002.

But it is the impact of the sale offering on the future of downtown Santa Monica that most interests local residents and businesses. Before any talk of a sale, Maritz, Wolff & Co., as owner of the Fairmont Miramar property, filed a development agreement application with the City of Santa Monica, proposing the addition of 200 rooms, a 14-story tower, and a restaurant and ballroom at the site.

The City embarked upon an environmental and economic analysis of the application under three alternative scenarios, a procedure agreed to by the applicant, but that process has now been put on hold by Maritz, Wolff pending a sale, according to Sarah Lejeune, senior planner for the City Planning Division.

The development agreement process is a negotiated arrangement which would nevertheless require Planning Commission recommendation and City Council approval. It is uncertain what will happen to the development proposal as a result of the property being placed on the market.

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