Chinese Developers Buy Sheraton Hotel In Universal City

Firm previously bought Marriott in downtown LA

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.

(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

One Comment

  1. HollywoodSaint says:

    the new language in america real soon will be as follows…chinese, mexican, english

  2. LA's the place says:

    mexican (spanish) is already the official language, LOL. No, its not funny

  3. concerned says:

    I don’t like China trying to influence our land and culture. When they come over here, they should adhere to our culture, customs, and views, not the other way around. They’re so rude.

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