The Ramada Inn located at 3130 Washington Blvd, has been sold the City for its Project Homekey program.
The Los Angeles City Council authorized the use of Project Homekey funds to purchase eight buildings, including the 44-room Super 8 on Airport Boulevard in Westchester and the 33-room Ramada Inn on Washington Blvd. in Venice.
The total cost for the eight properties was $90 million. The estimated purchase price of the Ramada Inn was $9,900,000. The City listed closing cost to be $300,207 bringing the total to $10,200,207. Renovations are expected to come in at $382,220. With 33 rooms, that totals about $322-thousand a door.
According to information put out by the City, Project Homekey is a program funded by the State of California that provides for the acquisition of hotels and motels to be used for homeless housing.
According to City documents, $150 million in Coronavirus Relief Funds (CRF) is also being used for Homekey project funding.
The Los Angeles Homeless Services Authority (LAHSA) is said to be contracting with service providers to operate and provide programming at the sites. The People Concern (TPC) will manage the former Super 8, while People Assisting the Homeless (PATH) will operate the former Ramada. The estimated operating cost for the Ramada is $1,528,725 a year. The City said it will provide services and operating funding for a maximum of five years.
Editor's note: An earlier version of this said the Ramada was located in Marina del Rey. The hotel is located in Venice.