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 This material may not be published, broadcast, rewritten or redistributed.)

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