Sheraton Universal Hotel Gets New Owner

The Sheraton Universal Hotel has been purchased by Chinese real estate development company Shenzhen New World Group Co., Ltd. The 451-room hotel was purchased for $90 million, the hotel and the Los Angeles Convention and Visitor Bureau announced. The hotel will continue to operate under the Sheraton banner and will continue to be managed by Rim Hospitality. The Universal City hotel that has been in receivership was placed on the market in the spring, said Henri Birmele, the hotel’s general manager before the sale. A new hotel manager is expected to replace Birmele starting Jan. 5. Birmele said that while some other staff changes will also occur, operations are not expected to be affected. “It’s going to be basically business as usual,” Birmele said. “It will have no impact on our clients and our guests.” In March, Shenzhen New World Co. also purchased the Marriott Downtown Los Angeles for $150 million. The privately-held company specializes in commercial and residential real estate development. It has holdings in hotels, retail, information technology, trade, newspaper publishing and restaurants. Before the hotel entered receivership, it was owned by Lowe Enterprises, Birmele said.