The Los Angeles Marriott Hotel was under foreclosure when it was bought by the Shenzhen New World Company. The new owner is to invest $13 million for the upgrades to the hotel. The hotel is somewhat aging, in serious need of renovation, and caters mostly to business clientele.
The Los Angeles Marriott was last purchased in 2007, when the hotel industry was at its peak, for over $115 million.
ASAP reports the 14-story hotel was built in 1983. But due to poor maintenance in recent years, the building has to be fully renovated to bring it back to modern standards. Baugham added that Shenzhen plans to operate the hotel as a Marriott.