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Thursday, March 25, 2010
WTCA LA/LB helps downtown retain 400+ jobs in Los Angeles Marriott Deal
Shenzhen New World Group Co., Ltd. Buys Los Angeles Marriott Hotel
World Trade Center Association Los Angeles-Long Beach
provided critical guidance to Shenzhen Group during
Los Angeles, CA – Shenzhen New World Group Co., Ltd., a leading privately-held real estate development company in China has announced that it will close escrow on its purchase of the Los Angeles Marriott Downtown Hotel, which had filed for bankruptcy protection last year. The purchase will help retain up to 400 existing jobs. The World Trade Center Association LA-Long Beach (WTCA) provided critical guidance during the acquisition process, including meeting regularly with key executives from the Shenzhen Group, local government leaders and members of the L.A. business community to help facilitate incentives and foster key relationships that made this purchase possible.
Shenzhen New World Investment (USA) Inc., the U.S. arm of Shenzhen New World Group, expects to invest $12 to $13 million in renovations and upgrades, which has the potential to create hundreds of additional jobs over the next two years. Plans are under way to upgrade the hotel to LEED energy-efficiency standards, as well as enhance its service offerings to include 5-star amenities.
“We appreciate the Shenzhen New World Group investment in our community and look forward to new investments in L.A. County in the future,” said Baugham. “Foreign companies based in the L.A. County play such a critical role in the region’s economy, supporting almost one in ten private sector jobs.”