Shenzhen Hazens Real Estate Group Co., one of the largest development companies in China, has purchased the Luxe City Center Hotel and two adjacent parcels for $105 million, reports the L.A. Business Journal. The hotel property was sold by Beverly Hills developer Emerik Properties Corp.
The 178-room hotel is across the street from the Staples Center and L.A. Live, and reportedly is the second hotel the Chinese firm has purchased in Los Angeles in the last year, joining the 802-room Sheraton Gateway Los Angeles Hotel for $96 million.
The Luxe, once a Holiday Inn, opened four years ago after a $10 million renovation. The firm plans to spend at least $250 million to develop condos and an office tower on the adjacent vacant land.