Asian Investor Renews Lease After $105M Buy

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.”