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. 
 

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.
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

 

Suggested Articles

The brand's debut Room8 Design Challenge is meant to bring a fresh perspective to shared hotel accommodations.

Artificial intelligence can create a billion incredible experiences for users, but it doesn't solve all marketing and revenue-management problems.

The company was recognized as the most innovative hospitality technology startup solution this year.