Little Tokyo DoubleTree sold to Chinese firm for $115M
Seller UBS Realty bought it for $45.65M in 2011
Han’s Group USA, a Chinese company, purchased the DoubleTree by Hilton in Little Tokyo for $115 million, or $264,562 per key.
The deal for the 434-room hotel closed Friday, according to an announcement from brokerage Jones Lang LaSalle.
The seller was Connecticut-based UBS Realty, which acquired the 206,000-square-foot property, at 120 S. Los Angeles Street, for $45.65 million in 2011, records show.
JLL’s John Strauss, Tony Muscio, and Willis Cheng brokered the deal.
Han’s Group appears to be an affiliate of Han’s Laser Technology Co., Ltd, a public company traded on the Shenzhen Stock Exchange Market. It has a market capitalization of more than $2.15 billion, according to its website.
Nearby, fashion merchant Dae Young Lee wants to build a 994-unit mixed-use project at the site of the Little Tokyo Galleria. [LABJ] — Cathaleen Chen