>LOS ANGELES—The Sheraton hotel that looms over Universal City’s studios and theme park is being purchased by Chinese real estate firm Shenzhen New World Group Co., a company official said Monday.
The Sheraton Universal Hotel’s purchase by Shenzhen New World Group Co. is set to close on Wednesday, said Daniel Teng, an executive with the company’s U.S. operation.
He would not discuss the sale price. The 20-story hotel and its surrounding property was last assessed at $123.3 million, according to county records.
Teng said his company, which in March purchased a 469-room Marriott hotel in downtown Los Angeles, plans to spend about $5 million to renovate the Sheraton’s pool area, meeting rooms and other public spaces.