Kam Hekmat, a commercial real estate developer, plans to build a 250-room luxury hotel in Los Angeles' Westwood Village, which will be called the Gayley at Wilshire. Hekmat said the hotel would take 18 to 24 months to build; he declined to reveal the operator of the property. "Once we get further down the road, I'll be investigating the best boutique operating systems and management companies," he says.

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