Investment company from China purchases two major hotels in Los Angeles for $150 millions
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| Sheraton Universal Hotel Acquisition Ceremony was held by new hotel owner Shenzhen New World Group on the morning of January 5 at the hotel in Universal City near Los Angeles. Mr. Wei Huang, Chairman of Shenzhen New World Co., Ltd.(center) received a enlarged-size key from the hotel management. (Cultural News Photo) |
Shenzhen New World Co., Ltd. , one of China's most influential developer announced the purchase of the landmark Sheraton Universal Hotel (451-room) for $60 million on January 5 at the acquisition ceremony in the hotel, Universal City near Los Angeles. This is Shenzhen's second Los Angeles hotel acquisition in nine months following the purchase of the Marriott Downtown Los Angeles (469-room) in March 2010 for $90 millions.
These hotel acquisitions were made through Shenzhen New World Investment (USA) Inc., a subsidiary of Shenzhen New World Co., Ltd. The Sheraton Universal Hotel property was purchased from court appointed receiver, Rim Hospitality, and financed by Wing Lung Bank.
The Sheraton Universal Hotel will continue to be operated as Sheraton Hotel and managed by Rim Hospitality going forward.
Shenzhen New World Co., Ltd. is headquartered in Shenzhen, China, and is a multi-faceted, privately-held enterprise specializing in commercial and residential real estate development. Under the name of Shenzhen New World Group, the company has holdings in hotels, retail, information technology, trade, newspaper publishing and restaurants. During the past decade, Shenzhen New World Co., Ltd. has invested more than $1.42 billion in projects worldwide.
"The acquisition of the Sheraton Universal furthers our company's overall strategy for investment in key U.S. real estate markets and compliments our investment portfolio in the Los Angeles area. We believe that the Los Angeles real estate market is strong and the Universal Sheraton is an iconic asset that will retain its value over time. We believe that the Universal City location is, and will continue to be an important hospitality market due to its proximity to key entertainment industry venues. Our plans for the Sheraton Universal also involve strategic relationship with business and trade groups in China which we anticipate will work to enhance hotel occupancy," said Wei Huang, Chairman of Shenzhen New World Co., Ltd.
"Shenzhen New World demonstrates through its high-profile purchase of the Sheraton Universal Hotel that Los Angeles, like other key gateway markets such as San Francisco, New York and Washington D.C., has strong appeal to offshore investors looking for high quality long-term investments in Key U.S. markets with very favorable supply and demand fundamentals," said John Strauss, managing director in Los Angeles of Jones Lang LaSalle Hotels who handled the sale.
The Sheraton Universal is adjacent to Los Angeles County's top tourist attraction: Universal Studios Hollywood in Universal City. It is strategically located in the eastern San Fernando Valley, the center of the entertainment industry production hub in Los Angeles County, also proximate to Warner Brothers and Walt Disney studios located in Burbank, California. The Universal City hotel market is connected to Hollywood and downtown Los Angeles via both the well-traveled 101 Freeway and Red Line subway system.
www.sznewworld.com/en/index.aspx
www.rimhospitality.com
www.joneslanglasallehotels.com
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