Hyatt Hotels Corp. has cut a deal to place a luxury Park Hyatt hotel in the $1 billion mixed-use project being developed in downtown Los Angeles by Chinese conglomerate Oceanwide Holdings, the companies said.

The deal marks the latest step in Beijing-based Oceanwide’s first U.S. project, which is scheduled to open in early 2019 and includes 504 condominium units, a 166,000-square-foot galleria and a 700-foot-tall LED display.

Oceanwide,...