Shenzhen developer buys Universal Sheraton LA
07 January 2011
Shenzhen, China-based real estate developer New World Group has bought the Universal Sheraton Hotel Los Angeles for an estimated US$90 million, it was revealed this week.
The 451-room hotel was previously owned by Lowe Enterprise.
The deal was brokered by Jones Lang LaSalle.
Shenzhen New World Group Company is a multi-faceted, privately held enterprise specialized in real estate development. The Chinese firm previously acquired the 469-room Los Angeles Marriott Downtown for an estimated US60 million.
