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Chinese Developer to Open W Hotel at $700M Development


Chinese developer Shenzhen Hazens will now add a 30-story W Hotel to its $700M residential development near the Staples Center in Downtown LA, as Asian capital continues to flood the US market. The 250-room, five-star hotel will be just the next step in LA's Chinese money-fueled hospitality market, which includes projects from Greenland USA to add a 350-room boutique Hotel Indigo at the $1B Metropolis; and a 183-room, five-star Robert Cavalli-branded hotel rising at Beijing-based Oceanwide Holdings' $1B Fig Central. The new W Hotel will go into the tower on the corner of Figueroa and 11th Street, kitty-corner to Staples Center. [BY]