No. 30
Chinese Group Buys Inter-Continental
In a landmark deal and likely sign of things to come a group of buyers led by mainland Chinese investors purchased the Hotel Inter-Continental for about $40 million.
The consortium, led by Beijing-based Honggao International Group, got the hotel at a bargain price less than one-third of the $125 million spent by a Japanese group to develop the facility.
Built in 1992, the 439-room Inter-Continental was the last major property developed on downtown’s Bunker Hill before the recent recession. It is perhaps best known as the hotel where the jury was sequestered during the O.J. Simpson criminal trial.
The Inter-Continental was the third major L.A. hotel to sell to Asian investors in a one-year period. Prior to its sale, two different groups of Hong Kong investors had purchased the Regent Beverly Wilshire for about $100 million, and the Regal Biltmore Hotel for $62 million.
