Chinese Developers Buy Sheraton Hotel In Universal City
LOS ANGELES (AP) — The Sheraton hotel that looms over Universal City’s studios and theme park is being purchased by a Chinese real estate development company.
Jones Lang LaSalle Hotels managing director John Strauss, a broker in the sale, says the Sheraton Universal Hotel’s purchase by Shenzhen New World Group Co. is set to close on Wednesday.
Strauss could not discuss the 20-story-tower hotel’s selling price or provide any details about Shenzhen World’s plans for the property. The Chinese firm purchased a 469-room Marriott hotel in downtown Los Angeles in March.
The Sheraton Universal fell into receivership early last year due to the financial troubles of its previous owner Lowe Enterprises.
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