The Los Angeles Marriott Downtown has a new owner. A real estate developer from China has taken over the financially troubled hotel.
The 469-room Marriott at the intersection of 3rd and Figueroa streets fell into foreclosure late last summer. Now Shenzhen New World Group is buying it. No word on the exact price tag, but the group expects to invest between 12 and 13 million dollars in renovations.
The hotel’s outgoing general manager tells the Los Angeles Downtown News that the hotel will remain a Marriott, despite the recent opening of a new JW Marriott 8 blocks south at L.A. Live. Plans are under way to upgrade the hotel to LEED energy-efficiency standards, as well as enhance its service offerings to include five-star amenities.
Shenzhen is influential in China, but the Marriott is its first investment in Los Angeles. To make the purchase, it’s partnered with the Arcadia-based investor and property manager Kam Sang Company.
The World Trade Center Association Los Angeles-Long Beach says the sale will help retain 400 existing jobs, and the renovations could create hundreds more.