Just like many Chinese investors who have strong interests in investing in real estate projects, Chinese commercial real estate developers and investors are also searching for bargains in the U.S. New World Hotel Group, a Chinese real estate development company based in Shenzhen, Guangdong Province, has recently acquired the Sheraton Universal Hotel in Los Angeles for an estimated $90 million. The 451-room hotel was recently transformed through a $30 million renovation, according to John Strauss, managing director of Jones Lang LaSalle Hotels, which brokered the transaction. The Sheraton Universal’s sale to Shenzhen represents the second purchase in LA area for the developer, which bought the 469-room Los Angeles Marriott Downtown in 2011 for an estimated $60 million. In year of 2011, Artisan Business Group, Inc., will be hosting two delegations of Chinese commercial real estate developers in April and May, meetings and visits are under scheduling for the groups in Chicago. For more information about marketing real estate projects to Chinese investors, contact us today.
