The rumored Cavalli Hotel may not have panned out, but it seems that another luxury hotel brand will gladly set up shop at Oceanwide Plaza.

According to the Wall Street Journal, Park Hyatt has signed on to operate the hotel component of the $1-billion mixed-use development, which is now rising across the street from Staples Center in Downtown Los Angeles.  The project, which is the first U.S. venture of the Beijing-based Oceanwide Real Estate Group, will consist of three high-rise buildings that include 504 condominiums and a 153,000-square-foot open-air galleria featuring shops and restaurants.

This will be the first Los Angeles area location for Park Hyatt, which is the top-tier brand of Hyatt Hotels Corporation.  The company has sought a Los Angeles County location for more than a decade, and was lured to Downtown by the array of new destinations such as L.A. Live.

Previous plans filed with the City of Los Angeles indicate that the upcoming hotel would feature 183 guest rooms.  However, it is unclear whether Hyatt's involvement in the project will change this figure.

Oceanwide Plaza, designed by architecture firm CallisonRTKL, will be highlighted by a large LED ribbon which spans a full block of Figueroa Street between 11th and 12th Streets.

Completion is expected by 2018.

In addition to the Park Hyatt, a W Hotel is proposed as part of a $750-million mixed-use development across the street.