A new Chinese buyer just entered L.A.’s hotel market.
US OCG Inc., a subsidiary of China-based Esong Group, bought the 405-key Holiday Inn near Los Angeles International Airport for $52 million from CIM Group.
The hotel at 9901 South La Cienega Boulevard is OCG’s first U.S. hotel acquisition, REBusiness Online reported. It tapped Interstate Hotel & Resorts to manage the property.
The Holiday Inn, built in 1973 and renovated in 2008, maintained an occupancy rate of more than 90 percent in 2016, according to Infinity Realty Advisors, which represented the buyer. [REBuisnessOnline] — Hannah Miet