10:02am | World Trade Center Association Los Angeles-Long Beach President Vance Baugham is set to make remarks at a ribbon cutting ceremony at the Universal Sheraton Hotel on Wednesday to herald the new ownership of the hotel by Shenzhen New World Group.
The WTCA LA-Long Beach is a subsidiary of the Los Angeles County Economic Development Corp. The group, which is active in Long Beach area trade-related events and deals, was instrumental in assisting the Shenzhen New World Group with their recent purchase of the 469-room, 20-story hotel.
The purchase is estimated at about $60 million. The Shenzhen New World Group is a privately-held real estate development group. The company has stated that it expects to invest $12 to $13 million in renovations and upgrades to the property.
The purchase is expected to close on Wednesday, according to a story on Monday in the San Francisco Chronicle.
The event is at the Universal Sheraton Hotel, 333 Universal Hollywood Drive, Universal City.