Deal reached to save landmark LA hotel - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Deal reached to save landmark LA hotel

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LOS ANGELES (AP) — The owner of a Los Angeles hotel that hosted a welcome-home party for the Apollo 11 astronauts and other historic events has dropped plans to tear down the mid-century landmark and replace it with two sleek skyscrapers.

Investor Michael Rosenfeld says he'll announce a deal with preservationists Thursday that protects the metal and glass Century Plaza Hotel, but allows building on other parts of the nearly six-acre property.

An investment group led by Rosenfeld bought the hotel in 2008 and announced plans the following year to replace it with the new towers containing condos and shops.

But preservation groups argued that the hotel's history and architecture made it worth saving.

The hotel also hosted President-elect Ronald Reagan's victory celebration and Bob Hope's celebrity-studded Century Ball.

It was designed by Minoru Yamasaki, architect of the World Trade Center towers.

Copyright 2010 The Associated Press.

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