LOS ANGELES—Chinese investor and developer ShenzhenHazens Real Estate Group Co. has purchased theLuxe City Center Hotel and two adjacent plots inDowntown 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 twovacant plots, Hazen's has renewed the lease with Luxe City Centerfor five years.

“This has always been a great location with L.A. LIVE and theStaples Center right across the street, but wehave 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 newownership,] we feel very fortunate to be working with people thatcare about the product. We think we have the most beautiful hoteldowntown, and we want to maintain that and continue to improve thequality. We are excited to be there.”

The 178-room Luxe City Center Hotel opened in the downtownlocation in 2009. It is the hotel's third Los Angeles locationafter Luxe Rodeo Drive and Luxe SunsetBoulevard. Last year, the downtown location generated$15.3 million in revenue; and in the time the brand has occupiedthe location, it has doubled the revenue from the former hoteloperator, a Holiday Inn. According Harkham, “thenew owners have visions for a new, larger hotel,” although hedidn't have specifics because the exact plans for the property andadjacent plots are still being decided. “They are developing plansand ideas for the lot, but that will take time,” he says, addingthat operations for the hotel will continue as usual.