Shenzhen New World Group plans 77-story hotel conversion in DTLA

The L.A. Grand Hotel would be converted into a mixed-use building

Los Angeles /
Jun.June 12, 2018 11:00 AM
Shenzhen Exec Huang Wei and the hotel

At a time when other major Chinese developers are retreating from Los Angeles because of a change in Chinese government policy, Shenzhen New World Group is bucking the trend and planning an ambitious hotel conversion in Downtown Los Angeles.

The firm filed an application Tuesday to transform the L.A. Grand Hotel into a 77-story skyscraper featuring a mix of residential and commercial uses, Urbanize reported.

If approved, the existing hotel at 333 S. Figueroa Street would become 224 apartments, a 559-room hotel, and 242 condos, according to documents submitted to the City of Los Angeles. There would also be over 28,700 square feet of commercial space, as well as 37,000 square feet of hotel amenities.

Shenzhen New World, a Chinese development company based in Shenzhen, paid GE Capital $63 million for the 469-room hotel in 2010 while it was under foreclosure, records show. Previously, it operated as a Marriott and Sheraton Grand.

The firm also owns the Sheraton Universal Hotel, located next to Universal Studios.

Shenzhen’s latest proposal comes at a time when other Chinese firms such as Wanda Group and Greenland USA are trying to unload billion-dollar projects in Southern California. Last year, foreign investment by Chinese-based firms in LA County dropped 25 percent year-over-year to $491 million, as the Chinese government buckled down on its capital outflow. [Urbanize] — Natalie Hoberman


Related Articles

arrow_forward_ios
DTLA 2040 rezoning plan advances to City Council
DTLA 2040 rezoning plan advances to City Council
DTLA 2040 rezoning plan advances to City Council
1101 Flower Street in L.A. with  Tony Lombardo of Lendlease and Zhang Xifang of Oceanwide. Xifang reportedly resigned in July 2021. (Google Maps, Lendlease, Oceanwide)
Contractor bails on Oceanwide’s LA megaproject after scoring $42M judgment
Contractor bails on Oceanwide’s LA megaproject after scoring $42M judgment
The Boyd Street fire in May, 2020 (Getty)
LA fire captain sues building, vape shop owners over May 2020 explosion in downtown
LA fire captain sues building, vape shop owners over May 2020 explosion in downtown
Hilton President and CEO Christopher J. Nassetta, Related Companies CEO Jeff T. Blau and a rendering of the project (Related, Getty)
Hilton’s Conrad brand to operate hotel at Related’s DTLA megaproject
Hilton’s Conrad brand to operate hotel at Related’s DTLA megaproject
G6 Hospitality CEO Rob Palleschi and Motel 6 San Jose South, one of the largest assets in the portfolio (G6)
Blackstone’s Motel 6 portfolio gets $685M CMBS loan
Blackstone’s Motel 6 portfolio gets $685M CMBS loan
Renderings for the initial proposal (Los Angeles City Planning)
Domyan Group downsizes plans for DTLA hotel
Domyan Group downsizes plans for DTLA hotel
The lawsuit alleges that the property manager was a serial sexual harasser, frequently making unwelcome advances and surprise visits to female tenants’ homes and offering rent discounts in exchange for sex (DOJ, Getty)
Feds settle sexual harassment case with LA property manager, owner
Feds settle sexual harassment case with LA property manager, owner
Hotel sales in California “completely rebound” from 2020 levels
Hotel sales in California “completely rebound” from 2020 levels
Hotel sales in California “completely rebound” from 2020 levels
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...