LOS ANGELES—Chinese investor and developer Shenzhen Hazens Real Estate Group Co. has purchased the Luxe City Center Hotel and two adjacent plots in Downtown Los Angeles, across from L.A. LIVE. According to industry sources, Hazens purchased the property for $105 million. Although plans have not been disclosed for the two vacant plots, Hazen's has renewed the lease with Luxe City Center for five years.

“This has always been a great location with L.A. LIVE and the Staples Center right across the street, but we have turned it from just a great location into a great experience. That has made a big difference,” Efrem Harkham, the owner of Luxe Hotels, tells GlobeSt.com. “[With this new ownership,] we feel very fortunate to be working with people that care about the product. We think we have the most beautiful hotel downtown, and we want to maintain that and continue to improve the quality. We are excited to be there.”

The 178-room Luxe City Center Hotel opened in the downtown location in 2009. It is the hotel's third Los Angeles location after Luxe Rodeo Drive and Luxe Sunset Boulevard. Last year, the downtown location generated $15.3 million in revenue; and in the time the brand has occupied the location, it has doubled the revenue from the former hotel operator, a Holiday Inn. According Harkham, “the new owners have visions for a new, larger hotel,” although he didn't have specifics because the exact plans for the property and adjacent plots are still being decided. “They are developing plans and ideas for the lot, but that will take time,” he says, adding that operations for the hotel will continue as usual.

Other plans under consideration for the two plots include office towers and a condominium complex. Hazens has allotted $250 million for the project. This is Hazen's second Los Angeles acquisition. Last year, it made its US foray with the purchase of the Sheraton Gateway Hotel near LAX for $96 million.a