Chinese investment group buys L.A. hotel next to Staples

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.

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However, investors are heading into the new year with caution because performance is expected to dip, according to a JLL report.

The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.