What Asian Developers See In LA
It is no secret Asian companies have long been investing in LA. But how are they different from US developers?
Among Asian companies, there are different approaches, according to The Athens Group COO Jay Newman (left). He spoke on a panel at Bisnow's recent Fourth Annual LA Hospitality Development Boom event at the Omni Hotel in DTLA.
The Wanda Group owns AMC and Regency Entertainment. The firm also bought Dick Clark Productions earlier this month for around $1B.
Jay sees it as a diversification strategy. He is working with the Wanda Group on One Beverly Hills.
LA Department of Convention and Tourism Development executive developer Robert Ovrom (right) said China has now passed Australia and Canada as the No. 1 country for tourists coming to LA.
LA is viewed as a gateway to China, he said.
Steinberg president and CEO David Hart (below, far left) said the Wanda Group is one of his company's clients in Shanghai.
The Wanda Group, China's Oceanwide Real Estate Group and other Asian companies generally build resort cities and then construct the hotels that go with them, he said.
Comparatively, projects here are viewed as "a little boutique investment" as it relates to their larger portfolio, David said.
PCL Construction VP and district manager Jack Sample (second from left, with Jay and Robert) was the moderator of the development boom panel at the event.