The Los Angeles Marriott Hotel has been acquired by Shenzhen New World Group Company for a discounted price of $60m from its original market value.
The 469-room, 14-storey hotel was under foreclosure during the acquisition by Shenzhen.
Shenzhen plans to invest $13m towards modernising the facilities of the hotel, which will be operated as a Marriott establishment.
The hotel’s previous owners was Namco Capital Group, which bought it for $115m in 2007, according to asap.co.uk.
The Shenzhen New World Group Company is a Chinese-owned real estate development firm.