building

They’re building a ‘sandlocked yacht club’ in Joshua Tree

At a new luxury yacht club, boats will be outfitted with slatted decks, hulls and portholes, but they won’t be bobbing in a marina. Instead, they will be anchored to the dusty desert floor — in Joshua Tree.

Lucky Find Hospitality, a boutique hotel development and management firm, says the company is less than a year away from breaking ground on Compass Yacht Club, a nautical themed hotel where guests will stay in yachts designed to serve as hotel rooms. These rooms — specifically, 30 two-level luxury yachts and 28 boat houses — will be arranged in a circle around a central clubhouse that will feature a restaurant, bar and swimming pool, all just a five-minute drive from the entrance to the national park.

A rendering of one of the 58 boats that guests could book during their stay.

A rendering of one of the 58 boats that guests could book during their stay.

(Compass Yacht Club)

“You fall asleep in a yacht, wake up in the desert with a view of the mountains, and you’re a few minutes from one of the most beautiful national parks in the country,” said Nick Ovanessoff, managing director of the firm. “It sounds a little crazy, and that’s exactly why we love it.”

The improbable nautical-themed resort has been a long, hard labor of love, said Lucky Find Hospitality’s CEO, Rigel Bitterman. Born in Idyllwild and raised on a sailboat in San Diego, Bitterman grew up camping and rock climbing in Joshua Tree National Park. After helping to launch close to 40 boutique hotel projects around the globe, his company purchased a 23-acre parcel across the highway from Auto Camp in 2023. The team has been working ever since to clear the many geotechnical, biological and cultural hurdles that make developing anything in the high desert so challenging.

“It’s wild how long it takes to get things done out there,” Bitterman said.

A rendering of the interior of a room.

A rendering of the interior of a room.

(Compass Yacht Club)

The property was already zoned for commercial use when Lucky Find Hospitality purchased it, but a section of the parcel is in a FEMA flood zone, which meant that the company had to work through the federal government as well as local municipalities to obtain permits and entitlements. Lucky Find has also prioritized environmentally friendly development processes, spending extra time to ensure that the Compass Yacht Club will use minimal water and be constructed of sustainable materials. To cause minimal impact on the environment, the yachts will be built off-site and placed on the desert floor by a massive crane.

Yet another challenge came from the local community, which has historically been hostile to new development. Bitterman has tried to play nice, hosting ongoing quarterly town hall meetings to keep locals abreast of the project and receive feedback from them, but the meetings are inevitably confrontational.

“I’m tarred and feathered every time,” he said.

One community member described the project as “gentrification at its finest” at a town hall last December. Another suggested that Lucky Find Hospitality replace the hotel’s yacht theme with something more appropriate for the desert: spaceships.

It seemed to be a popular idea.

“The whole room started chanting ‘Spaceships, spaceships,’” Bitterman said.

Rendering overhead view

Each luxury yacht will be constructed of sustainable materials.

(Compass Yacht Club)

Despite the expected — and unexpected — challenges, Bitterman is confident the project will move forward. Approval on the final conditional use permit should be coming by the end of the year, which will allow portions of the property to open to the general public in addition to hotel guests. If all goes according to an already elongated schedule, the team will break ground in 2027 and Compass Yacht Club will open by the end of 2030. In the meantime, Lucky Find Hospitality together with its design partner Rad Labs, has a modular yacht hotel room design ready to go.

Over the past 10 years Lucky Find Hospitality has helped launch hotels where guests sleep in yurts, treehouses, glamping tents and Airstreams and. But Bitterman said Compass Yacht Club has been the company’s wildest, hardest and most dear to his heart projects yet.

“It’s partly my origin story, growing up on a boat and always being fascinated by boat design,” he said. “Everything we do is small and unique, but I’ve never been able to bring something to market quite like this.”

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California Prop. 37: $25 billion down payment assistance explained

Buying a home in California requires a colossal amount of money — and coming up with a 20% cash down payment of $180,000 for a median price home is a staggering hurdle for many would-be buyers.

That down payment amount is based on the statewide median $900,000 price tag for a house, according to recent data from the California Assn. of Realtors. In Los Angeles County, the median price for a single-family home is $935,000. In Orange County, it’s $1.5 million.

Proposition 37 on the Nov. 3 ballot would allow the state to amass a $25 billion down payment assistance program for middle-class households. For perspective on the enormity of the measure before voters, one of the state’s existing down payment programs, California Dream For All, launched several years ago with $500 million, just 2% of the funding involved in Proposition 37.

The ballot measure would allow qualified prospective homebuyers to borrow up to 17% of the sales price of a new home, contributing 3% of the down payment from their own funds.

The program would not be funded by taxpayers, but instead by the interest charged to borrowers on their down payment loans, also referred to as second mortgages. The measure has garnered widespread support, including from Gov. Gavin Newsom, statewide unions and mayors from Santa Monica to San José.

“Prop. 37 is a historic opportunity to expand homeownership opportunities for generations of working families — at zero cost or risk to taxpayers,” Newsom said in a statement.

But Proposition 37 carries a significant caveat: Any home purchased through the program must be new construction, which could limit its potential reach because of the high cost of building, some critics said.

Also, the proposition does not spell out the terms or interest rates on the loans, which would be worked out if the measure is approved. And some have questioned whether there will be sufficiently robust interest from investors to buy the state-issued bonds that will be used to fund the down payment loans.

The concept of down payment assistance is not new. Cities and states, including California, have long offered such programs to low- and middle-income homeowners, either in the form of loans or grants, and there are reportedly more than 2,700 such programs across the country.

Nevada, Connecticut, Massachusetts and New York all have programs to help homebuyers afford a down payment. Since 2021, New York has dispersed $70 million in down payment assistance. In Massachusetts, more than $146 million has been doled out in down payment help to homebuyers since 2020.

How the program would work

Under Proposition 37, down payment loans would work like any other, and would carry an interest rate and payback period — all of which would be determined by the California Housing Finance Agency.

To qualify, borrowers would need to have lived in the state for at least a year and earn no more than 200% of the local median income; in Los Angeles County, for example, that equates to a family of four earning no more than $216,200 a year.

Borrowers don’t have to be first-time homebuyers, which is often a requirement of down payment aid programs. But they would need to live in the home.

The program would restrict the price of qualifying homes, depending on the county where someone is trying to buy. A general estimate, though, is that would-be homebuyers would be limited to houses costing between $1 million and $1.5 million and the homes, more importantly, would need to be new construction.

While Proposition 37 has little opposition, and is supported by unions, chambers of commerce and organizations representing builders, the League of Women Voters opposes the ballot measure, concerned it would saddle residents with too much debt and that the terms of these loans are opaque, the details worked out only after the vote.

New homes only

Only buyers of newly-built homes would be eligible for these loans. That could include existing commercial buildings that had been converted into homes, such as condos or townhomes.

This provision is uncommon as many existing down payment assistance programs don’t strictly limit the type of home someone can buy — only the sale price. Bob Hertzberg, former Senate Majority Leader and the architect of the proposal, said he wanted Proposition 37 to spur new construction.

“The problem is we have to increase supply,” Hertzberg said. The shortage of homes in the state is estimated to range anywhere from 840,000 to upwards of 3 million.

By creating more demand for new homes, he said, the hope is that builders will respond en masse.

But some groups are wary of this logic. One analysis, funded by the Proposition 37 campaign, estimated that this program could result in the building of 190,000 homes in the state, although the report’s author said it was “impossible to know” the true number given the various factors that impact housing.

Matthew Lewis, director of communications for California YIMBY, an organization that advocates making it easier and cheaper to build homes, said high prices make it clear that the demand for homes already exists and that Proposition 37 does little to address a bigger issue: the cost of building.

“In concept, [Proposition 37 is] a great idea,” Lewis said. “The thing we’re concerned about is, California is still way behind on its housing production goals, so there’s the risk of an unintended consequence of instead of having 10 people bidding on a house, now you’ve given a couple folks down payment assistance, and so there’s now 12 people bidding on the same house.”

To drive builders to construct eligible homes, the measure would allow them to opt into a “qualified builder” option. As long as they adhere to price caps, agree to certain labor requirements and fix repairs that arise, they’re protected from lawsuits from buyers concerning defects 10 years after construction of the home.

Homebuilders say even given some relief from litigation, they aren’t sure Proposition 37 would push construction into overdrive.

“There are so many more things the state, city and county could do to help add more supply [of homes],” said Paul Schon, a developer who builds apartments in L.A. County. He said tackling permitting times and red tape involved in building would have a greater impact. “This is minor,” he said.

Interest rates could be a tough sell

Many down payment assistance programs offer interest-free loans to homebuyers, including an existing program run by CalHFA.

But in order to be self-funding, the fixed-rate loans offered through Proposition 37 would carry interest. If passed, the state would issue revenue bonds, selling them to investors and using that money to issue loans to homebuyers. The investors are repaid with the interest paid on the loans.

According to the Legislative Analyst’s Office, CalHFA would decide the total amount of bonds to issue and over what period of time.

Revenue bonds are generally viewed as riskier than other types of government bonds, in part because they’re backed by the promise of revenue from a specific project — in this case, payment by individual borrowers. That means interest rates on these loans could be higher than borrowers might like or be able to afford.

Hertzberg said he’s talked to investors who may be willing to buy these bonds at cheaper rates, given the crushing issue the funding is trying to solve. This would keep interest rates down for borrowers. He said he’s appealing to foundations and socially-minded tech leaders.

One of the biggest financial backers of the measure is the political nonprofit Building a Better California, which has been fighting the billionaire’s tax with help from wealthy donors, including Google co-founder Sergey Brin.

Hertzberg, for his part, refused to name any organization or person who may be interested in buying the bonds that would fund this program.

This article is part of The Times’ equity reporting initiative, funded by the James Irvine Foundation, exploring the challenges facing low-income workers and the efforts being made to address California’s economic divide.

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After decades of false starts, the 1914 Hotel Clark finally reopens in downtown L.A.

The Hotel Clark has been throwing its stately shadow across Hill Street since 1914, first as a fancy lodging in the formative years of downtown Los Angeles, then as a last-resort residential hotel for the aged and desperate, then as a vast, lifeless structure between Grand Central Market and Pershing Square (now Biddy Mason Park). The 11-story hotel hadn’t seen a paying guest for more than 30 years.

That is, until now.

Last month, downtown historian Nathan Marsak was at Angels Flight when, as he recalls, “A guy comes up and says, ‘You like the Clark? I just had drinks there.’ And he slaps his receipt down. And I lost my damn mind.”

The lobby inside Hotel Clark.

The lobby inside Hotel Clark.

(Kayla Bartkowski / Los Angeles Times)

Marsak, who admits to “a fetish for old, lost Los Angeles,” once called the Beaux-Arts hotel a “great gray monument to grinding attrition.” Since the 1990s, Marsak has kept watch on the Clark, often labeled a “zombie building” because of its long idleness. Marsak included it in his 2002 book “Los Angeles Neon,” and has looked down upon it from his part-time gig taking tickets atop the Angels Flight Railway on Bunker Hill.

In the downtown community, there had been rumors of a reopening over the years, but that seemed less likely as time went on. Kim Cooper, a close observer of downtown politics and co-owner of Esotouric tours, said that after a while, it seemed that the hotel’s owner, the Chetrit Group, “just locked the door.”

To see that structure “so dilapidated and dirty and covered in bird droppings and decades of grime, it broke my heart,” Marsak said. Still, “as long as they didn’t tear it down, there was always hope.”

A ‘zombie building’ awakes

When he and relatives bought the hotel 27 years ago, owner Michel Attias of the Chetrit Group said people assumed they would flip the building.

“I guess they know by now that’s not the case,” he said. “Many of those people have left town by now.”

Michel Attias at the Hotel Clark.

Michel Attias at the Hotel Clark.

(Kayla Bartkowski / Los Angeles Times)

Attias stood in the hotel lobby, whose design leans toward gray, black, white, earth tones and chrome. Guest rooms include zebra-print wallpaper and faux alligator-skin panels.

“We wanted chic modern but also comfortable and warm,” said Attias, noting that new artworks and rugs are still arriving. A “luxury sports bar” is due to open by Super Bowl Sunday. As of Oct. 21, general manager Adrienne Craig said, about 120 of its guest rooms were ready to rent, with others soon to follow. Rates start at about $200 nightly.

There have been at least three near-openings during his firm’s ownership, Attias acknowledged. But now, he said, it’s the right moment.

“We have a lot coming,” he said. “We have the Olympics. Downtown is starting to move again. I’m very, very confident that downtown is going to get back on its feet.”

Members of the Chetrit family, based in New York, hold extensive real estate through multiple companies, some of which have suffered legal and financial troubles in the last two years. In Los Angeles, the Chetrit Group also owns the long-idle Trinity Auditorium, also known as the Embassy Auditorium and Embassy Hotel. Also a 1914 Beaux-Arts building, it includes about 180 guest rooms along with an 1,800-seat performance space. Attias said he hopes to open the Trinity Auditorium before the Olympics.

“We’re not done,” Attias said.

Added Craig: “Hotel Clark is amazing. Trinity is out of this world.”

Vintage postcards and photographs of Hotel Clark.

Vintage postcards and photographs are from the collection of historian Nathan Marsak.

(Courtesy of Nathan Marsak)

The Clark’s rise, fall and long slumber

Look closely at the Clark, including the rooftop neon and the old fire escapes with the initials “CH” in ironwork (for Clark Hotel), and you may catch hints of its tangled history, from early opulence to urban decay, international intrigue and municipal dysfunction.

Eli P. Clark made big money as a railway pioneer in Los Angeles and beyond. But by 1914 he had moved on to other investments. He built the Clark Hotel with 555 rooms, each with a private bath (a notable luxury at the time) and a bold sign outside proclaiming its “absolutely fireproof” construction.

The building’s rooftop neon signage was apparently added a few decades later, along with the rounded letters that spell the hotel’s name and run vertically down one corner of the building. Dozens of vintage photos of the Clark’s ballrooms, restaurants, ashtrays, room keys, menus, postcards, matchbooks, coat hangers and candleholders are visible at BunkerHillLos Angeles.com, having been gathered by Marsak.

A mosaic by the pool inside Hotel Clark.

A mosaic by the pool inside Hotel Clark.

(Kayla Bartkowski / Los Angeles Times)

But somewhere in the middle decades of the 20th century, as investors began to look away from downtown, the Clark hit the skids. In a 1975 classified ad in the L.A. Times, the Clark offered rooms at $75-$95 monthly, including “special waterbed suites.”

By the 1980s, the Clark had become a residence of last resort, housing many seniors and others on limited incomes. The nearby Rosslyn (built in 1914, now a mix of low-income and market-rate apartments) and Hotel Cecil (built 1924, now low-income and supportive housing) followed similar paths.

The pool inside Hotel Clark.

The pool inside Hotel Clark.

(Kayla Bartkowski / Los Angeles Times)

By 1989, the Clark had been acquired by May Wah International Enterprises, which was rooted in China and associated with the Chinese government, Attias said. May Wah vowed to revamp the building with a “friendship store” to market Chinese imports and hotel above that might rival the Biltmore. But first May Wah wanted the old tenants out. Twenty of them filed suit against May Wah, saying they were subjected to spells without heat or water, and won a $1.7-million settlement. But by 1992, May Wah had succeeded in evicting the last two tenants.

By 1999, when May Wah sold it to the Chetrit family, the building was empty, its historic interiors rearranged in anticipation of the Chinese hotel that never opened. (During this period, Attias said, the building’s guest-room count changed from 555 to 348.) As Attias tells the story, the hotel was close to opening in 2008 when that year’s financial crisis hit. It came close again in 2013-14, when the Chetrit family invested in another renovation but ran into opposition from the hospitality workers union Unite Here Local 11 and L.A. City Councilman José Huizar.

“José Huizar,” said Attias dryly. “We know where he is now.” (Huizar, who served on the city council until 2020, pleaded guilty to corruption charges in 2023 and was sentenced to 13 years in federal prison.)

Though the hotel’s owners eventually got the city permissions they needed, Attias said, a partnership with other hoteliers dissolved and the Clark went to the back burner again, as did the Embassy Auditorium. Another near-opening followed in 2019.

Attias said the family decided in 2025 to finally open the Clark, later retaining OTH Hotels Resorts to manage it.

And now, said Attias, “we’re here.”

‘Nowhere to go but up’

In mid-September, the Clark had begun a quiet, soft reopening. Now configured with 348 guest rooms, it includes a Mediterranean restaurant called Votana; a cocktail lounge; a 17-by-29-foot courtyard pool, poolside bar and (in homage to Chetrit family history) a pair of Moroccan tile fountains.

In addition, a ballroom with space for 600 is due to be completed soon. Craig estimated that the business, a nonunion shop, employs about 100 people now and will likely reach 200 workers in coming months.

A guest room inside Hotel Clark.

A guest room inside Hotel Clark.

(Kayla Bartkowski / Los Angeles Times)

This rebirth may not comfort those seeking more affordable housing downtown, but for anyone eager to see more legal commerce on Hill Street or more hotel rooms in the run-up to the 2028 Games, it’s progress. This boost in room supply may also encourage travelers who have seen downtown hotel rates jump by more than 10% in the last year. Analytics company CoStar reports that downtown hotels averaged $200-$210 per night from June through September.

“There’s nowhere to go but up,” Craig said. “The possibilities here are endless.”

A few weeks ago, Craig’s team gave Marsak a tour of building (and bought a batch of Angels Flight tickets to distribute among guests. The historian declared himself mostly delighted.

“Having the Clark open, facing Hill Street — which can get rough — is so brave of them,” said Marsak. “I can’t applaud it enough.”

As for the inside and that zebra-print wallpaper, it’s “not what I would have done,” he said. “I believe that Beaux-Arts buildings should be Beaux-Arts inside and out. But you can’t have everything.”

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Global Salon: Building the Rails for a $3.5 Trillion Empire

Apex Group’s Peter Hughes on AI hype, tokenization, private credit and what Jeff Bezos got wrong.

Peter Hughes founded Apex Group Ltd. in Bermuda in 2003. Today, it manages more than $3.5 trillion in assets across 52 countries, with 100-plus offices, 13,000 employees, and 90 regulatory licenses—growth built on more than 50 acquisitions over eight years and a bet Hughes made roughly five years ago that traditional finance and decentralized finance, or DeFi, were headed for convergence, not collision.

In this conversation with Global Finance, Hughes—who spent time at KPMG and Hemisphere Management before founding Apex—traces that bet from BlackRock Inc.’s decision to add bitcoin to its balance sheet to Apex’s enabling the development of the compliance-focused Layer 2 blockchain initiative, T-Rex. He pushes back on Jeff Bezos’s prediction of an artificial intelligence-driven labor shortage, defends private credit against claims that it’s a broken asset class, and argues that traditional exchanges and crypto-native platforms are racing toward the same end state.

Global Finance: Was there a critical moment or aha moment that sparked a major change in your firm?

Peter Hughes: Absolutely. Bridging traditional finance and DeFi has been my focus for five years. Before that, we serviced crypto funds investing in bitcoin, working strictly with regulated partners to manage risk. I wasn’t sure if crypto would go mainstream, but seeing BlackRock put bitcoin on its balance sheet five years ago proved it was here to stay. That was the turning point.

We later ran a project with a client, lowering a fund’s subscription minimum in Luxembourg from 1 million Swiss francs to 1,000 so more people could access it. That was great, but our real value proposition lay in our scale—we operate across 50 countries under 35 regulators.

So you take something that’s high risk, like crypto, and then you say, “Well, actually, if it’s regulated and you’ve got clean AML around it, it’s a digital asset, and then it becomes accessible for everyone.” From there, I focused on building the distribution rails. We are now approved in 20 jurisdictions for on-chain transfer agency, enabling seamless settlement of digital securities. Our target by next year is a platform giving funds access to 50 new distribution channels across wealth, retirement, retail, and crypto-native channels. As tokenized money market funds transition to a 24/7/365 operational model, the broader asset world will inevitably follow. Building these locked-in distribution rails today ensures a highly valuable position for the future.

GF: Has blockchain changed the way your business operates, and do you see it likely becoming more integral in the future?

Hughes: Blockchain is the end state for how everything ends up; crypto is just a small piece of what we service. We focus on the regulated side—digital assets backed by clean AML.

My view is that everything will move on-chain, creating cheaper fund structures and frictionless finance. But that only works in a regulated environment. We favor public, permissioned chains because you know where the money is coming from, where it’s going, and that it’s clean. We supported the launch of the Layer 2 compliance initiative, T-Rex, which is operated by an independent foundation, to validate that every transaction moving across chains is fully verified.

I’m looking toward a world where custody, administration, transfer agency, and distribution all sit on-chain and interlink seamlessly—yielding faster speeds, higher volumes, and lower costs. So we’re all-in on blockchain. Crypto is part of it, but the core focus is digital assets: regulated securities that trade 24/7/365 like crypto, but with the institutional guardrails built in.

GF: Do you expect any relaxation for crypto in China?

Hughes: It’s difficult to tell, but stablecoins will eventually replace fiat on corporate balance sheets because they function as both payment tools and yield-bearing instruments. Their growth is currently limited by regulation—like MiCA in Europe and the Genius Act and Clarity Act in the US—designed to protect traditional bank deposits. But tokenized money market funds already offer the same yield without the payment functionality. It’s only a matter of time before yield- bearing stablecoins gain widespread adoption.

GF: Will Apex pursue any more acquisitions in the near future?

Hughes: We don’t need any new acquisitions. I bought 50 businesses over an eight-year period, each designed to add a new technology, open a new geography, or add a new product set. Every one is handpicked to complement what’s already there, so you can cross-sell both ways. People look at that from the out- side and say we just buy businesses—but for the last three years, it’s really been distribution businesses and technology businesses, aimed at building the technology rails to be the distribution leg for asset managers globally. That’s the direction I’ve always been moving in not just being good infrastructure and doing a good job for clients like other asset servicers but layering in and distributing their products to help them get bigger. That’s when you go from being a vendor to a real partner—when you’re shifting their P&L upwards. In September, I announced we’ve brought in a head of product from Revolut, because I want us building products and releasing them in eight-week sprints. If you’re not moving that fast in a tech evolution like this, you get left behind. So now it’s about building the technology of the future ourselves, rather than buying it in. We’re already servicing tokenized money market funds that run 24/7/365, fully on our own tech stack—and we want to keep enhancing that.

GF: Will there be fewer workers in the future due to AI or tech innovation?

Hughes: I hosted a conference for our clients in London and told them people are running an AI race that ends in a trap—you embed AI across everything, decide you don’t need people any- more, and suddenly your AI costs go up tenfold. That kills businesses. I’m not rushing into that trap. I’m adding AI thoughtfully, so data flows seamlessly end to end instead of being pushed and pulled by people, and I’m using it to build incremental products that add value for clients. I don’t think we’ll have fewer people, and I don’t think our salary costs go down—I think the same people will service more revenue. What it does change is who we hire. Instead of people doing manual work in Excel, we can bring in people who add real thought leadership, PhDs who help us think about how to value funds for the future. It doesn’t get cheaper for us. We just get better talent.

GF: Jeff Bezos insists AI will cause a labor shortage.

Hughes: I don’t see how it leads to a shortage. In places like India, where 18 million people enter the workforce every month, it’s exactly those keying-into-dashboards, keying-into-keyboards jobs that a lot of that workforce would traditionally have done—and a lot of people there see AI as a real threat because of it. So no, I don’t agree. When the manual layer goes, even my son—he’s at university in the UK—asks me, well, what job is he going to do when he leaves? He’s not going to start as an accountant, not going to start as a lawyer, because the bottom rungs of the ladder are being taken out. Firms are only hiring the top 10% into those entry positions now, whether that’s investment banking or what- ever else. So I don’t see it. Bezos is obviously very successful, but I don’t see how he’s right on this.

GF: What’s your view of the turbulent private credit space?

Hughes: The turbulence comes from growth—the volume of investor capital coming in but coming into a format that doesn’t work: a mismatch in liquidity. If you want to get out, you can’t, and that’s a structuring problem, not a problem with underly- ing returns. I still think private credit is a great asset class—10% annualized returns with low volatility. The friction came from structuring it into interval funds, which isn’t the right structure for private credit. When people raised concerns, the response was “wait for the next valuation, in four months you’ll see there’s no problem”—but the technology exists for weekly or daily valuation. If that information had come through faster, people wouldn’t have panicked. Instead, redemptions piled up and it became a vicious circle. The asset class itself is as strong as it always was—it was the structure, and the slow information flow, that caused the problem. And there’s no real slow down here: Revolut recently announced that Ares and Apollo are making their private credit funds available on the platform, with a €1 minimum investment. That’s not just a headline—it shows both the confi- dence in the asset class and what’s now possible in terms of democratizing it.

GF: Can we say that there is also an element of democratization of finance in what you do?

Hughes: That’s been a theme for the last three or four years — democratization, giving more access. But I think the way access happens will get more appropriate and more sophisticated going forward. People talk about interval funds in the U.S. as democratizing private markets, but for me that’s the wrong structure — it’s exactly why you saw noise around private credit funds: they were structured for retail, but there was a mismatch in liquidity. I think democratization gets broader and more sophisticated from here. It started with high-net-worth and wealth; as regulators get more comfortable, it’ll extend into wealth, retirement and retail. Think about why a private equity fund is high risk: it’s illiquid, you’re locked in for seven to ten years, it has a big ticket size, and it’s valued infrequently. Take away those three barriers and it trades like a normal equity, with a normal equity’s risk profile — which means it should be accessible to retail. Regulators are starting to understand that, though it’ll take time.

Anthony Noto covers corporate finance and private credit. Contact him at anoto@gfmag.com

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PSG on ‘different level’ – are they building greatest European dynasty?

Some find success sweet but fleeting, others spend years building to the pinnacle, and then there are those whose lasting glory evolves into a dynasty.

After tearing Manchester City apart in large spells of their 4-2 Champions League victory on Wednesday, Paris St-Germain look well on track to join the latter bracket.

The back-to-back European champions sliced through City with astonishing ease to take a 3-0 lead into half-time, and were still able to score another despite a spirited second-half fightback from the Premier League leaders.

After obliterating Inter Milan 5-0 in the 2025 final before squeezing past Arsenal on penalties in last season’s showpiece game, Luis Enrique’s side are aiming to win a third consecutive European crown.

They would be the fifth team to do so going back to 1956, and just the second in the Champions League era.

“This PSG team are on a different level,” Chris Sutton told BBC Radio 5 Live at half-time.

“They have just run all over Manchester City, who haven’t been able to string passes together. It’s been an absolute pummelling for Man City.”

To mark PSG’s latest display of attacking excellence, we’re looking at how the Parisians compare to those clubs who have enjoyed the most dominant eras in European competition.

Some will point out that football existed before the European Champion Clubs’ Cup began in 1955 – so apologies to Stan Cullis’ ‘world-champion’ Wolves outfit and the Mitropa Cup’s early Vienna heavyweights.

However, this top 10 debate is centred around winning European football’s grandest prize.

Paris St-Germain 2025-present

OK, straight in with the current champions, because this is a dynasty in the making.

Paris St-Germain are hoping to enter that bracket and the 4-2 win against Manchester City on Wednesday reminded the rest of Europe why you shouldn’t bet against them becoming continental champions for a third successive season.

PSG had a lacklustre start to the domestic season – they always do, don’t they? – but boast an uncanny ability to click into gear when it matters.

In Manchester, Luis Enrique’s side were at their unstoppable best. A ruthless blend of silky flicks and slick off-the-ball movement that saw a dazed City caught several frames behind.

“Unbelievable. PSG, what a team,” Sutton said.

“PSG’s press, I don’t think there’s another team that press with their intensity and ferocity.

“This [City] is one of the best teams in the Premier League getting an absolutely roasting. This is them [PSG] having a slow start to the season. Heaven help everyone.”

The Parisians have been France’s most dominant force since the arrival of Qatar Sports Investments 15 years ago, but it took a change of approach for the holy grail of continental success to arrive.

“It’s the end of the glitter,” professed president Nasser Al-Khelaifi after years of lavish spending, ushering out the “flashy, bling-bling” era.

Instead, Enrique arrived in 2023 intent on building a coherent team. There was still significant investment, but on younger players who could be moulded by his philosophy and discipline while given room to flourish.

The result was two scintillating Champions League triumphs.

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Route 66 landmark Mel’s Drive-In faces demolition. Can it be saved?

For decades, the bold, mid-century building at Lincoln and Olympics boulevards in Santa Monica has been the end of the line — the last address on the 2,400-mile westward journey of Route 66. Once home to the Penguin Coffee Shop, today it holds Mel’s Drive-In. But now its future is in doubt.

The owners of the property have filed early paperwork to level the structure and replace it with an eight-story apartment building. Preservationists are pushing for a historic designation that might protect it.

The groups appear headed toward a showdown Dec. 14, when the Santa Monica Landmarks Commission will hold a hearing on the site’s nomination for protected status by the Santa Monica Conservancy and the Los Angeles Conservancy. The allied conservancies contend that the building is “the most significant representation of its style and period in architecture and design in Santa Monica.”

Archival photo of Penguin Coffee Shop.

Designed by famed mid-century architects Armet & Davis, the building held the Penguin Coffee Shop from 1959 through 1991.

(Architects Armet Davis / Santa Monica Public Library Image Archives)

“This isn’t about saving a modern restaurant. It’s about preserving some really important Googie architecture,” said Nina Fresco, vice president of Santa Monica Conservancy. She added that “there’s no reason why housing and historic preservation can’t be partners.”

Irvine-based firm ValueRock Realty bought the half-acre Mel’s property for $6.2 million in 2020, and in 2025 began offering the property for sale, asking $26 million through brokers Newmark Pacific.

Soon after learning that the building was for sale, the Santa Monica and L.A. conservancies nominated Mel’s for a landmark designation, which can protect buildings from demolition, Fresco said. As part of the effort, Santa Monica Conservancy leaders raised $6,800, the cost of a Santa Monica landmark nomination, and enlisted the L.A. Conservancy as an ally.

Then on Sept. 18, ValueRock filed a preliminary application with the city (also known as an SB330 application) to replace the 1959 building with an eight-story apartment building, including 138 apartments, 123 parking spaces and first-floor retail space.

The sign of Mel's Drive-In features a penguin, homage to the coffee shop of yesteryear.

The sign of Mel’s Drive-In features a penguin, homage to the coffee shop of yesteryear.

(David Fouts / For The Times)

When it bought the property in 2020, ValueRock announced that it “is considered to be a historical landmark within the community.” But in its September filing for the apartment project, ValueRock management checked a box indicating that no historic or cultural resources are known to exist on the property.

“We didn’t know they would be quite this aggressive, but it’s not a huge surprise,” Fresco said.

Under city law, Fresco said, if a property is more than 40 years old, the owner must wait at least 75 days after seeking a demolition permit before any demolition can happen. “So we’re OK at least until that hearing” in December, Fresco said.

If the Landmark Commission agrees to confer landmark status on the building, Fresco said, it may be shielded from demolition — but the owner can appeal the decision to the City Council.

Management at ValueRock Realty did not immediately respond to requests for comment.

The restaurant remains open, receiving a steady stream of locals and Route 66 travelers. “We’re going to be here until 2029,” said Marilina Borchio, manager of Mel’s, citing a lease that runs through June of that year. As she spoke, the breakfast crowd was trickling in on Sunday morning. Borchio said she’s spending a lot of time reassuring customers who “think we are going to be demolished tomorrow night.”

The Googie-style building, designed by famed mid-century architects Armet & Davis, held the Penguin Coffee Shop from 1959 through 1991, catching the eyes of passing drivers with its dramatically slanted roof, oversize windows and a long counter inside for diners in a hurry. Architectural historians describe Googie style as a bold strain of Mid-Century Modernism, notable for big neon signs and swooping roofs, especially popular among restaurants, bowling alleys and car washes, now increasingly rare. Rae’s Diner, a 1958 building on Pico Boulevard, is another Santa Monica example.

The coffee shop never earned a Michelin star (nor has Mel’s) but its workaday American fare won a following. “The Penguin gets my vote for the best diner around,” wrote Times restaurant critic Charles Perry in 1989.

But two years later, the Penguin was gone. By 1992, the building had been converted into a dentist’s office. Eventually it fell idle, until the San Francisco-based Mel’s chain arrived in 2016 and began a renovation aimed at bringing back the restaurant’s ’50s atmosphere.

Mel's Drive-In now occupies the old Penguin Coffee Shop building at the official end of Route 66 in Santa Monica.

Mel’s Drive-In now occupies the old Penguin Coffee Shop building at the official end of Route 66 in Santa Monica.

(Christopher Reynolds / Los Angeles Times)

The renewed restaurant opened in 2018, with a penguin atop its sign, in homage to years gone by.

“A lot of the neon elements are gone, but the main elements are still there,” said the Santa Monica Conservancy’s Fresco, who is also a Santa Monica planning commissioner and former landmarks commissioner.

The renovation and restoration effort included removing layers of paint and tile that had been added over decades, revealing interior stone cladding that had been covered and replicating the counter and stools, vinyl cushioned booths, tables of plastic and metal, terrazzo floor, and light fixtures. The work was “to the letter of the Secretary of the Interior’s standards” for the treatment of historic properties, Fresco said.

The building is not mentioned in “An Architectural Guidebook to Los Angeles,” by David Gebhard and Robert Winter, which is a prime source for many preservationists. But Mel’s won a $10,000 grant from the National Trust for Historic Preservation in 2025 to pay for Route 66 centennial signage project.

Route 66 memorabilia at Mel's Drive-in.

Route 66 memorabilia at Mel’s Drive-in.

(David Fouts / For The Times)

“This site, like Route 66 itself, represents something greater than itself,” said Rhys Martin, manager of the National Trust’s Preserve Route 66 initiative, in an email. “It’s a connection to a journey through time and space that will be forever lost if this remarkable Googie structure is demolished.”

Fresco said she’d love to see the building continue to operate as Mel’s, but in the big picture, “we can’t stop them from building housing.” Still, Fresco said, she is hoping that the owner can come up with a project that retains the existing building while adding housing around it, as several other developers in Santa Monica have done. At 829 Broadway, developers agreed to preserve a World War II era Quonset hut while building a five-story apartment building around it. (The Quonset hut was occupied by Pono Burger from 2013 to 2025.) And the old Rapp Saloon — an 1875 brick building at 1436 2nd Street — was reborn in the late 1980s as a meeting space within a four-story hostel, now known as Hostelling International’s HI Los Angeles Santa Monica Hostel. The Santa Monica Conservancy begins its walking tours there.

If the allied conservancies win landmark status for the Penguin/Mel’s building, Fresco said, the owners “will be able to do exactly what they want to do now. They will just have to do it differently.”

Route 66, which was born and officially named U.S. Highway 66 on Nov. 11, 1926, was extended to Santa Monica in 1935. Though many travelers think of the Santa Monica Pier as the end of the route, its official terminus from 1935 on was at the intersection of Lincoln and Olympic boulevards, where Mel’s now stands.

Though Route 66 was decommissioned in the 1980s, its popularity as an Americana-rich driving route has grown in recent years, especially during this year’s centennial celebration of the road.

By the time the coffee shop building was going up at the end of the route in 1959, Fresco said, interstate freeways were already beginning to usurp Route 66’s role and the Santa Monica route of Interstate 10 had been plotted. By putting their eye-catching building on a spot along Route 66 and next to the path of the freeway, Fresco said, the people behind the Penguin were catering to motorists on roads rooted in two different eras.

“The Catholic Church shaped Rome. Commerce shaped Manhattan. It is popular culture that has shaped L.A.,” architecture critic Alan Hess told a Times reporter in 1993. “We should see these buildings in that context and take them seriously.”

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Kennedy Center Honors move to new venue amid building closure

The 49th Kennedy Center Honors gala will go on despite the recent closure of the Kennedy Center, with the event moving to the Capital One Arena in Washington, D.C., on Dec. 7. The honorees and a broadcaster for the program will be disclosed at a later date.

The annual event will take place amid an ongoing legal battle as President Trump attempts to add his name to the building.

Hours after a federal judge blocked the president’s attempt to restore his name, the Kennedy Center’s board voted on Sept. 15 to shutter the venue for renovations. Trump, however, threatened on social media to block the $250-million renovation, which he initially proposed, if his name weren’t added to the facade.

In mid-September, a picture of the president aboard Air Force One reviewing plans that were titled “Kennedy Center Demo[lished]” prompted panic as architectural, preservation and civic organizations asked the court for a “neutral officer to protect the building and institution.”

A federal judge ordered Kennedy Center leaders to provide 30 days’ notice before any changes, including demolition.

Last year’s Kennedy Center Honors gala, which recognizes artists who have contributed to American culture, was hosted by Trump and televised on CBS and Paramount. The ceremony, honoring Sylvester Stallone, Kiss, Gloria Gaynor, Michael Crawford and George Strait, earned the lowest ratings in its history. It was not announced whether Trump would return as master of ceremonies for this year’s event.

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Lucas Museum inches toward gated compound as it cordons off courtyard

The Lucas Museum of Narrative Art’s central plaza, which spreads out beneath the building’s curved, hovering form, was always meant to be a generous civic space. Ma Yansong, the museum’s architect, has called it the “Gateway” between the museum and Los Angeles, opening to both Expo Park and the surrounding South L.A. neighborhood.

But that gateway, it turns out, is more like a gate.

This weekend — the first that the museum was open to the public — fences covered in plastic greenery blocked entry to the plaza from both sides. Standing sentry, bizarrely, were tall, cartoonish statues — half storm troopers, half USC Trojans. Visitors were directed to enter through the museum’s two enclosed security booths off the plaza.

In the coming weeks, permanent plaza fences will be erected here — curvy stainless-steel structures that MAD Architects principal Dixon Junliang Lu compared to the lacy filigree of Art Nouveau architecture. Lu added that they would eventually be draped in real greenery, not the plastic version.

While certainly an improvement on the current barriers (which are a shockingly makeshift solution for a museum that cost over $1 billion), the plaza’s main entryways will remain gated off, confirmed both Lu and Lucas Museum spokesperson Seth Fowler.

Green gates around a museum courtyard.

Gates have been erected around the main courtyard of the Lucas Museum of Narrative Art.

(Kayla Bartkowski / Los Angeles Times)

“It’s about creating the best possible visitor experience when you’re there, with an eye on safety,” said Fowler, who cited a need to protect the plaza from car traffic on both sides and the ability to control visitor flow among the reasons for the enclosure.

Visitors without tickets, Fowler added, are still able to enter the plaza, as well as the museum’s cafe and gift shop, after passing through security, “pending capacity limits.” They can enter the museum’s adjacent park without security screening.

Museums of course have legitimate security concerns, especially in and around such a high-traffic location. A growing list of threats, from violence to vandalism, has changed the calculus for what’s acceptable in public life. But surely the building’s talented design team could have developed a security plan that better preserved the plaza’s open arms? Lu acknowledged that the fence design had “evolved as the project developed and the operational and security requirements became more defined.”

When I visited the Lucas earlier this month for its press preview, I assumed the plaza’s (then chain-link) fences were temporary — a byproduct of construction still underway. I had no idea that its primary entryways would remain closed off to the public.

The plaza is one of the museum’s most powerful gestures, creating much-needed civic room for Expo Park, and the city. The gates blocking it, and the security checkpoints along its flanks, will dramatically limit the public’s desire to enter, and change the tenor and experience of a space that should feel porous and inclusive. What could have been a grand welcome has become a gated off, highly controlled space that now feels separate from the park and the neighborhood. Sure, anyone can come, but they are no longer invited.

An Art Nouveau style fence on wheels.

Art Nouveau style fencing will eventually replace the temporary green fencing, but guests will still be directed through security in order to enter the museum’s main courtyard.

(Kayla Bartkowski / Los Angeles Times)

Just a few miles away at LACMA’s new David Geffen Galleries, visitors can enter the plazas beneath that building without first passing through security. In fact, I don’t know of a single civic plaza (and there are not enough!) in Los Angeles that requires passing through security checkpoints to enter. Think about this scenario in other cities. In New York, can you imagine having to go through metal detectors to sit at the Met steps? Or to enter Central Park?

Speaking of parks, it’s inconsistent and puzzling that the museum’s beautiful park, which edges right up to the building, can be entered without having to also pass through security. I, for one, am thankful. Access to this area is already being limited to some degree. Its long fences, with relatively small openings, are not exactly screaming “come in.” The green space, as it was this Saturday, will be closed to nonticket holders on USC game days. And if locals who live to the west of the museum want to reach Expo Park outside of the Lucas park’s hours — 8 a.m. to sunset — they need to make their way around the entire complex; which a few are already grumbling about.

It’s hard not to wonder whether these barriers represent something more than security: the extension into public space of the gated, closely guarded world inhabited by co-founders George Lucas, Mellody Hobson and those in their orbit. Is this truly what museum security requires, or has the logic of a private compound shaped an institution that was supposed to welcome the city? That is the uneasy promise of privately controlled public space: It looks open to everyone, but access ultimately depends on the owner’s discretion.

It is an especially peculiar contradiction for a museum whose site is being leased from the state at just $30 a year and was founded to celebrate the “people’s art” — comics, illustrations, movie imagery — and to bring that art to the broadest possible public. Renderings introducing the project never showed the walls and fences that now cover the plaza’s perimeter. (A model produced later, now in the museum, does.)

Temporary fencing and gates around a museum.

Temporary fencing around the Lucas Museum, alongside the Art Nouveau style fencing that will eventually replace it.

(Kayla Bartkowski / Los Angeles Times)

I last encountered this type of scenario when visiting the Eiffel Tower, whose base has been closed since Paris’s 2015 terrorist attacks. (The attacks did not occur at the tower itself.) Its sealed perimeter, only accessible via lines and screening, now makes one of the world’s wonders feel less like a wondrous part of the city than an attraction held behind glass.

I’m not suggesting we leave major public spaces vulnerable. But security can be built into buildings’ plazas in myriad ways without sealing them off: reinforced planters and seating can stop vehicles; grade changes, landscapes and water features can establish protective distance; clear sight lines, lighting, cameras and visible staff can improve oversight; and retractable barriers can be deployed during large events or credible threats. Screening can remain at the museum doors, leaving outdoor space free.

At the end of the day, civic space depends on a willingness to share some level of uncertainty. A public plaza brings all kinds of people together, including those we don’t know and can’t entirely predict. If every risk leads us to add another checkpoint, fence or barrier, we may gain a sense of control but lose the ability to create the kind of public togetherness that forms a bonded city.

If this plaza, and this museum, are truly meant to serve the public it should be clear that all are welcome once they arrive. Openness is more than an architectural effect: It depends on having the freedom to enter without having to justify our presence.

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