LOS ANGELES-Shenzhen New World Group Co., Ltd., a real estate development firm based in China, has bought the Sheraton Universal Hotel, a 451-room hotel, for $90 million. The hotel, which has been in receivership, was listed on the market for sale in the spring.
Henri Birmele, the general manager of the hotel, will be replaced by a new manager. The Universal City hotel will be operated under the banner of Sheraton, and it will be handled by Rim Hospitality. For the full story, go to San Fernando Valley Business Journal.
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