Dai-Ichi Kangyo Bank Ltd. of Tokyo has reached an agreement with Gemtel Corp. of Los Angeles to provide financing for the reconstruction of the historic Huntington Hotel.
The amount of money the bank will provide was not disclosed. The cost of the project is estimated at $100 million.
Lary Mielke, head of Gemtel Corp., said demolition of the 82-year-old hotel's main building could begin this month.
The hotel project was the topic of a bitter referendum in 1987 in which historical preservationists fought to stop the demolition of the main building. The preservationists were defeated by a vote of 7,032 to 5,088.
The new 385-room hotel, located in Pasadena's Oak Knoll neighborhood, will be operated by The Ritz-Carlton Hotel Co. and is expected to open in late 1990.