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SAN PEDRO : Sheraton Hotel Sold to Indonesian Investors

January 13, 1994

The Sheraton Los Angeles Harbor Hotel has been sold to a group of Indonesia-based investors who reportedly plan to continue operating the 10-story hotel as a Sheraton franchise.

The deal, which was finalized Dec. 31, ends weeks of speculation over the fate of the high rise, owned by the Beacon Street Hotel Assn., a partnership of several Los Angeles area investors.

Warren Breslow, a partner in Beacon Street Hotel Assn., said the names of the new owners and the sale price will not be released because they are negotiating the purchase of another hotel in San Francisco.

An offer of $11 million for the hotel from a Hong Kong firm fell through in December. A $15-million offer from Marymount Palos Verdes College, which wanted to use the building for a dormitory, was blocked by the Community Redevelopment Agency for fear it would interfere with tourism.

The new owners also have several four- and five-star hotels in Asia, Breslow said. The Sheraton in San Pedro is their first U.S. hotel.

The 280-room hotel at 601 S. Palos Verdes Ave. cost $36 million to build and opened in June, 1990. The new owners will take over operations Feb. 1, Breslow said.

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