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Sheraton Gateway LAX in Los Angeles Sold to Chinese Developer, Hazens Real Estate Group for $96 million

Wednesday, December 11, 2013
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Maxim Hotel Brokerage is pleased to announce the sale of the 802-room Sheraton Gateway LAX Hotel on Century Boulevard. The property was sold off-market for $96 million by an affiliate of Long Wharf Real Estate Partners. The buyer, Hazens Real Estate Group is among the largest private real estate developers in China, and this acquisition marks their first transaction in the United States. According to Harry Pflueger, Principal with Maxim Hotel Brokerage, “This buyer could have purchased any hotel for sale in Los Angeles, but they selected the Sheraton due to the strength of the market, upside to improve rate through renovation and repositioning, and central location proximate to the airport and Los Angeles’ numerous attractions.”

Built in 1980, the Sheraton Gateway LAX is a Class-A, 802-room, 15-story high-rise structure. With close to 50,000 square feet of meeting space and one of the best locations on Century Boulevard, the hotel will be able to improve its position in the market following a comprehensive renovation to the entire property. The hotel will remain affiliated with the Sheraton brand and Pyramid Hotel Group will continue to manage the hotel. Manhattan Hospitality Advisors has been retained as asset manager.

About Hazens Real Estate Group
Based in Shenzhen, Hazens Real Estate Group is consistently ranked among the 100 largest developers in all of China. Sheraton Gateway LAX is Hazens’ first real estate investment in the United States.

About Long Wharf Real Estate Partners LLC
Long Wharf Real Estate Partners LLC is a Boston-based private equity real estate investment manager. The group invests in sectors and markets across the United States principally on behalf of institutional clients, including corporate and public pension funds, endowments and foundations.

About Maxim Hotel Brokerage
Maxim Hotel Brokerage, Inc. has offices in Newport Beach and Las Vegas with a focus on Western US hotel transactions and gaming properties in Nevada. The company was formed in 2002 by Jack Carr (jack@maxim-hb.com) and Harry Pflueger (harry@maxim-hb.com). Please contact Maxim to learn about properties for sale, or if you are considering selling your property.

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