We've become a "Throw-away Society" when we can afford to demolish a relatively new and luxurious hotel.

 Demolition recently began on the former St. Regis Hotel, a Century City landmark next to the Hyatt Regency Century Plaza Hotel. The 30-story hotel was completed in 1984 and hosted many famous guests, including former President Reagan. Related, a New York developer, shuttered the property last year shortly after spending $123 million to buy it.

In its place will be a 41-story tower with units ranging from $2.5 million for space about the equivalent of a two-bedroom home to $25 million for a mansion-size 12,000-square-foot abode. The new structure, a 540,000-square-foot condo tower will be oval-shaped to create the best views. The Century, as it will be called, will cost $300 million to build and take two years to complete.

The St. Regis could have remained a viable hotel, said industry consultant Alan Reay of Atlas Hospitality. "It was a perfectly good hotel in a great location," he said. "Any one of the major flags would have loved to have had their name on it." Related could have made money just by keeping the St. Regis a few years while the Westside hospitality market heated up, Reay said. Related paid $414,000 a room in January 2005; the Fairmont Miramar Hotel in Santa Monica sold last month for $700,000 a room.

(Excerpts from an article by Roger Vincent)