Chinese Developer Buys Los Angeles Marriot

30th March 2010 (Last Updated March 30th, 2010 18:30)

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 mod

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.