Sheraton Gateway hotel is sold
The Sheraton Gateway Los Angeles Hotel, a 15-story inn next to Los Angeles International Airport, has been sold for $96 million to a Chinese real estate developer.
The deal falls on the heels of the recent sale of the Torrance Marriott South Bay to another Chinese property developer.
Hazens Investment bought the 802-room Sheraton Gateway from an affiliate of Long Wharf Real Estate Partners, according to real estate broker Harry Pflueger of Maxim Hotel Brokerage Inc.
The purchase is the first in the United States for Hazens, one of the largest private real estate developers in China, Pflueger said.
Built in 1980 at 6101 W. Century Blvd., the Sheraton Gateway is one of the hotels closest to the main entrance of the airport and a popular site for business meetings.
The new owners will upgrade the property with improvements to the guest rooms, lobby and other public spaces, Pflueger said. It will remain a Sheraton, and Pyramid Hotel Group will continue to manage the hotel.
Last month Sichuan Xinglida Group Enterprises Co., which has built numerous mixed-use projects in mainland China, bought the 487-room Torrance Marriott South Bay for $74 million.
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