Holiday Inn at LAX sells to subsidiary of China's Esong Group

The CIM Group recently sold the Holiday Inn at the Los Angeles International Airport to China-based US OCG, a subsidiary of the Esong Group. The $52.5-million acquisition is the company’s first hotel purchase in the U.S. market. 

The purchase comes at an apt time as the airport is in the middle of an $8-billion Master Plan renovation. A representative from Infinity Realty Advisors, who handled the transaction, said that the property would “benefit from the LAX multi-billion development program.” An advisor to the buyer also noted that the hotel is an underutilized asset which provides opportunity in a dense market.

The 405-room hotel has reportedly been operating at occupancy rates around the 90 percent mark. Interstate Hotels & Resorts has been tapped to manage the property. 
 

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Benjamin Zhang, U.S. OCG; Zhouyun Wang, chairman of Esong Group; Judy Chu, US Congresswoman; Don Li, Interstate Hotels & Resorts; Jackie Lee, Interstate Hotels & Resorts

 

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