Shenzhen Hazens Real Estate Group Acquires Hotel and Parking Lot For Redevelopment
A Chinese investment group purchased the Luxe City Center Hotel and 1.34-acre parking lot at 1020 S Figueroa St. for $105 million.
Built in 1964, the eight-story, 100,966-square-foot hotel has 178 rooms, and a 6,000-square-foot indoor/outdoor event space that includes a 3,000-square-foot ballroom.
The buyer, Shenzhen Hazens Real Estate Group Co., plans to spend at least $250 million to develop condos and an office tower on the adjoining vacant land, which is near Staples Center and Nokia Theatre. Over time, the buyer will likely demolish the Luxe to build a larger, more luxurious hotel.
Shenzhen Hazen and the seller, Emerik Properties Corp., handled the acquisition in-house.
Please refer to CoStar COMPS #3086622 for more information on this transaction.