The Shenzhen New World Group Company, a Chinese-owned real estate development firm, has recently bought a 469-room hotel for an approximate price of $60 million, about half of its estimated value way back in 2007.
The Los Angeles Marriott Hotel was under foreclosure when the Chinese firm acquired it. Shenzhen is planning to invest $13 million for the hotel’s upgrades and promises to do improvements on the aging hotel, which caters mostly to business clienteles.
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