Anschutz Buys Out Hotel Partner

Philip Anschutz has reportedly bought out a partner in his L.A. Live hotel and condo project at a loss to investors.

MacFarlane Partners Urban Real Estate Fund II, which includes an investment by the California State Teachers’ Retirement System, sold its interest in the Ritz-Carlton and JW Marriott hotels and nearby condos last month. The selling price was not revealed.

MacFarlane Partners raised about $1 billion from a variety of sources including CalSTRS in 2007, Bloomberg said.

Meanwhile, the Los Angeles City Council was scheduled to host a town hall meeting June 27 to get public input regarding Anschutz and AEG’s proposal to build a $1.4 billion NFL football stadium.

AEG is seeking $350 million in municipal bonds, which would be used to relocate a portion of the Los Angeles Convention Center. Once AEG builds the proposed Farmers Field on land that currently includes the convention center’s West Hall, it will repay the city through revenue created by the project.

AEG has given the city council a July 31 deadline to sign a memorandum of understanding on the deal.