Anschutz buys out convention center hotel partner

An investment fund sold its interest in the downtown Ritz-Carlton and JW Marriott hotels at a loss, Bloomberg is reporting. Among the investors in the MacFarlane Partners fund: the California State Teachers' Retirement System, the nation's second-largest pension plan. You might recall that MacFarlene stepped in as a partner in 2007 after KB Home dropped out I(the L.A.-based homebuilder's business was starting to buckle at the time). Earlier, hotelier Lew Wolff bailed from the project as well. No specifics offered on why MacFarlene sold out, but the pricey condo portion of the project is only partially filled. It's not the greatest timing - Anschutz's AEG Worldwide is trying to convince city officials to sign off on plans for a downtown football stadium that will involve tearing down a portion of the L.A. Convention Center. With financing of the project still in question, this won't exactly instill confidence.