Chinese giant Wanda Group invests in U.S. luxury hotels
China’s giant group Wanda has recently confirmed the acquisition of an eight-acre parcel located in a highly desirable section of Wilshire, adjacent to the famous Beverly Hilton Hotel, in Beverly Hills. While the sales price was not disclosed, the company indicated that it will invest $1.2 billion into developing the site.
Last month, Wanda Group announced plans to invest $900 million to create a mixed use tower in Chicago, which would be 89 stories – more than 1,100 feet high. The tower would include a luxury hotel and offices.
Wanda Group’s international luxury hotels portfolio which already includes a property in London, will add more five-star hotel projects in New York, Los Angeles and San Francisco within the year.