Fairmont Hotels & Resorts, part of AccorHotels, signed a definitive agreement with Next Century Associates to take over the management of the Century Plaza Hotel in Century City, Los Angeles.

The hotel is undergoing an approximately $2.5 billion regeneration and is scheduled to re-open as Fairmont Century Plaza, Los Angeles in 2018.

The redevelopment includes around 394 guestrooms, 63 branded residences within the original building, two new 46-story luxury residential towers with 290 luxury units, and approximately 100,000 square feet of high-street retail space, along with expanded parking facilities.

The addition of a hotel in a strategic U.S. market supports AccorHotels' goal to grow its brand and expand in the luxury industry. According to AccorHotels North & Central America COO Kevin Frid, the Fairmont Century Plaza project is a pivotal development for the Fairmont brand.

The signing of this project follows AccorHotels' acquisition of FRHI Hotels and Resorts in 2016, along with its three luxury brands, namely Fairmont, Raffles and Swissôtel, expanding the company's luxury hotel offerings and footprint in North America.