Gemstone Hotels & Resorts, a full-service hotel management company that specializes in owning and operating luxury and upscale urban hotels and resorts, today announced it has assumed management of The Mayfair Hotel in downtown Los Angeles on behalf of Los Angeles-based ICO Group of Companies, known for its development of unique historic properties in Downtown Los Angeles.

The 1920s-era hotel was the site of the first Academy Awards after- party in 1929 and has been featured in the television show, "Weeds," and the feature film, "True Lies."

"When it was built in 1926, the Mayfair was the tallest building west of the Mississippi and epitomized the energy and optimism that were the hallmarks of Los Angeles in the roaring 20s," said Jeff McIntyre, principal of Gemstone. "Downtown L.A. is enjoying a resurgence as a fashionable residential hub with a vibrant restaurant, bar and shopping scene, making this the ideal time for guests to rediscover this landmark hotel."

"Gemstone is known for its work with unique, urban hotels that offer guests something distinctly local," said Joseph Soleiman, director of acquisitions and general counsel of The ICO Group. "We are excited to be working with Gemstone to introduce The Mayfair to a new clientele that will appreciate its singularly L.A. appeal."

"It is no secret that leisure, group and business travelers are looking for an experience, not just a place to stay," said Thomas Prins, principal of Gemstone. "With the glamour of old Hollywood as its backstory, and a great location that's convenient to Downtown L.A.'s financial and South Park districts, we are certain that The Mayfair will make history again."

Located at 1256 W. 7th St., less than a mile from L.A. Live, home to The Staples Center and The Nokia Theater, The Mayfair Hotel was modeled after European hotels of the 1920's and currently features a soaring, three-story lobby, 295 guest rooms and suites and restaurant, serving breakfast daily.

About The ICO Group of Companies

Based in Downtown Los Angeles, The ICO Group of Companies is a vertically-integrated real estate investment company that develops, owns and manages historic properties in urban markets. For more information about The ICO Group of Companies, go to www.icodevelopment.com.

About Gemstone Hotels & Resorts, LLC

Headquartered in Park City, Utah, with offices in Stamford, Connecticut, Gemstone is a full-service management company that specializes in luxury and upscale hotels and complex resorts. For more information about Gemstone, go to www.gemstoneresorts.com.

Lauralee Dobbins
(703) 435-6293
Gemstone Hotels & Resorts, LLC

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