Local hotel operators seeing profits for the first time in 1990s.

Rankings of the largest hotels in Los Angeles County on this year's List remain unchanged from last year, but that belies the dramatic changes occurring to local hotels' bottom lines.

For the first time in the 1990s, local hotel operators are turning a profit, said industry experts.

"What's happened is demand has finally caught up with supply," said Bob Graney, general manager of No. 1 Westin Bonaventure Hotel & Suites in downtown Los Angeles. "For a long time, our industry was overbuilt. It's definitely better than it was, but I still don't think you're going to see any new hotel development for awhile."

Industry analysts agreed.

Larry Kantor, of Arthur Andersen & Co. in downtown Los Angeles, said it still doesn't make economic sense for a developer to build a big, full-service hotel.

"I think you might see some development of small hotels in suburban areas, but I don't see anyone coming in and building a big, new hotel," he said. "The costs are still just too expensive, unless you can get some kind of subsidies, like the ones being talked about for a (Los Angeles) Convention Center hotel," said Kantor.

He was referring to a 1,000- to 1,500-room hotel being proposed by the developers who hope to build a sports arena next to the Convention Center in downtown Los Angeles.

As it has since it opened in 1976, the 1,368-room Bonaventure once again tops the List of the largest hotels in the county (based on the number of guest rooms). Late last year the hotel was sold to a new owner - FIT Investment Corp. - but the property is still managed under an agreement with Westin Hotels & Resorts.

Along with the change in ownership, the hotel also has a new manager - Graney, who succeeded Naveen Ahuja last December.

Rounding out the top five are the 1,236-room Los Angeles Airport Hilton & Towers; the 1,072-room Century Plaza Hotel & Tower; the 1,010-room Los Angeles Airport Marriott, and the 900-room Omni Los Angeles Hotel and Centre.

The 10 largest hotels in the county are all either located in downtown Los Angeles or near the Los Angeles International Airport.

Industry experts noted that, if any new, big hotels are developed, they will likely be near the Convention Center and Universal Studios Hollywood in Universal City, where MCA Inc. has announced plans for a major expansion.

John Arabia, an analyst with E&Y Kenneth Leventhal Real Estate Group in Century City, also noted that many hotels have undergone renovations or announced remodeling projects.

"Anytime there are new owners, there is usually a renovation. But besides that, many hotels are renovating because for the first time in awhile they have money to make improvements. Also, there's a lot of competition out there, and you have to keep making yourself better," he said.