{"id":1004148446,"date":"2016-07-21T23:31:12","date_gmt":"2016-07-22T07:31:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004148446"},"modified":"2022-03-03T19:28:16","modified_gmt":"2022-03-04T03:28:16","slug":"chinese-buyer-grabs-holiday-inn-near-lax","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chinese-buyer-grabs-holiday-inn-near-lax\/","title":{"rendered":"Chinese Buyer Grabs Holiday Inn Near LAX"},"content":{"rendered":"<p>By Alex Girda<\/p>\n<p><strong>Los Angeles<\/strong>\u2014The Holiday Inn at the <a href=\"https:\/\/www.commercialsearch.com\/news\/los-angeles\/\" target=\"_blank\" rel=\"noopener\">Los Angeles<\/a> International Airport was recently sold in a transaction handled by <a href=\"https:\/\/www.advisorsinfinity.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Infinity Realty Advisors<\/a>. China-based <a href=\"https:\/\/www.usocg.com\/\" target=\"_blank\" rel=\"nofollow noopener\">US OCG<\/a>, a subsidiary of the Esong Group, paid $52.5 million for the hospitality asset\u00a0that was constructed back in 1973. This is the company\u2019s first hotel purchase in the U.S. market.<\/p>\n<div id=\"attachment_1004148458\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Holiday-Inn-at-the-Los-Angeles-International-Airport.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004148458\" data-attachment-id=\"1004148458\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/chinese-buyer-grabs-holiday-inn-near-lax\/holiday-inn-at-the-los-angeles-international-airport\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Holiday-Inn-at-the-Los-Angeles-International-Airport.jpg\" data-orig-size=\"1440,450\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Holiday Inn at the Los Angeles International Airport\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Holiday Inn at the Los Angeles International Airport&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Holiday-Inn-at-the-Los-Angeles-International-Airport.jpg?w=1024\" class=\"wp-image-1004148458 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Holiday-Inn-at-the-Los-Angeles-International-Airport.jpg\" alt=\"Holiday Inn at the Los Angeles International Airport\" width=\"300\" height=\"94\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Holiday-Inn-at-the-Los-Angeles-International-Airport.jpg 1440w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Holiday-Inn-at-the-Los-Angeles-International-Airport.jpg?resize=300,94 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Holiday-Inn-at-the-Los-Angeles-International-Airport.jpg?resize=768,240 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Holiday-Inn-at-the-Los-Angeles-International-Airport.jpg?resize=1024,320 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004148458\" class=\"wp-caption-text\">Holiday Inn at the Los Angeles International Airport<\/p><\/div>\n<p>Last renovated in 2008, the 12-story, full service hotel is reportedly operating at occupancy rates around the 90 percent mark. Located at the corner of La Cienega Boulevard and Century Boulevard, the 405-key hotel serves one of the busiest airports in the world. LAX is seventh in the world in terms of passenger traffic, as roughly 75 million people transited the airport in 2015.<\/p>\n<p>The airport is in the midst of an $8 billion Master Plan that includes the Consolidated Rent-A-Car Center, an automated people mover and a new Metro Station. According to Infinity Realty Advisors representative Karin Chao, \u201cThe Holiday Inn LAX is a high-performing hotel, and will continue to benefit from the LAX multi-billion development program.\u201d An advisor to the buyer also noted that the hotel is an underutilized asset which provides opportunity in a dense market.<\/p>\n<p><em>Image courtesy of IHG<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A subsidiary of the Esong Group means to profit from the purchase of the hotel, which is currently underutilized.<\/p>\n","protected":false},"author":41,"featured_media":1004148458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,21783,1594,21742,15],"tags":[],"class_list":["post-1004148446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-investment","category-los-angeles","category-latest","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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