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
Continuum Partners CEO Mark Falcone and the development site (Continuum, iStock, Google Maps)
Continuum Partners plans $2B megaproject to transform Arts District
Continuum Partners plans $2B megaproject to transform Arts District
Rendering of Figueroa Centre (right) with an aerial view of the vacant site at 911-927 South Figueroa Street (Google Maps, CallisonRTKL/Illustration by Kevin Rebong for The Real Deal)
A Genting scion’s plans for a DTLA supertall were quietly shelved. What happened?
A Genting scion’s plans for a DTLA supertall were quietly shelved. What happened?
Sheraton Pasadena and the Queen Mary (iStock)
Embattled REIT seeks to auction SoCal hotels, Queen Mary lease
Embattled REIT seeks to auction SoCal hotels, Queen Mary lease
Renderings of Omni's new project, along with the original Times Mirror Square building. (City of Los Angeles Department of City Planning, WikiMedia)
City approves Onni’s massive Times Mirror Square redevelopment
City approves Onni’s massive Times Mirror Square redevelopment
Christopher Rising and Sam Manoochehri (Linkedin)
Rising Realty expands into multifamily market
Rising Realty expands into multifamily market
 Jade Enterprises’ Director of Development Daniel Taban and 888 South Figueroa Street (Google Maps)
Here’s what tenants are paying at Jade Enterprises’ 888 Figueroa in DTLA
Here’s what tenants are paying at Jade Enterprises’ 888 Figueroa in DTLA
David Lawrence Gray and a rendering of the 120-unit tower (David Lawrence Gray Architects, University of Washington)
120-unit Pencil Tower planned for DTLA
120-unit Pencil Tower planned for DTLA
Photo illustration of Gov. Gavin Newsom and the Holiday Inn in Long Beach (Getty, Google Maps)
California spent $850M on inns for homeless
California spent $850M on inns for homeless
arrow_forward_ios

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

Loading...