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

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

TRD 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
An illustration of Airbnb's Chief Executive Brian Chesky

Los Angeles No. 1 in country for Airbnb, other short stay rentals

Developer seeks permission to build hotel at Lankershim Boulevard and Gilmore Street (Credit: Google Maps and iStock)

LA’s hotel boom continues with proposed 89-key development in North Hollywood

Jose Huizar gave new details Monday on Pershing Square redesign (Credit: Getty Images and Wikipedia)

An embattled Jose Huizar revives Pershing Square redesign

5240-5300 West Century Boulevard (Credit: Google Maps and iStock)

Around LAX, office-to-hotel conversions are catching on

The sale of the Ace Hotel was the biggest L.A. County hotel buy in 2019 (Credit: Google Maps)

Here are the biggest LA hotel sales of 2019

The Beverly Hills Montage at 225 N. Canon Drive

Qatar-backed hotel firm buys Montage Beverly Hills in record deal

Terranea Resort President Terri Haack and the resort

Resort owner Long Point Development spends big to defeat worker protection ballot measure

Greenland exec Hu Gang and Metropolis Tower III (Credit: BuzzBuzzHome)

Greenland opts to go rental at Metropolis tower in DTLA

arrow_forward_ios
Loading...