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June 11, 1996 | JESUS SANCHEZ, TIMES STAFF WRITER
The Japanese owners of the stately Biltmore Hotel in downtown Los Angeles have sold the landmark property and an adjoining office tower to a Hong Kong-based hotelier for an estimated $60 million--a fraction of what they sold for in 1989. The buyer is Regal Hotels International Holdings Ltd., whose chairman, Y.S. Lo, was in Los Angeles on Monday for a travel and tourism trade show. "I think it's an opportune time to enter the Los Angeles market," Lo said in a telephone interview.
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BUSINESS
June 11, 1996 | JESUS SANCHEZ, TIMES STAFF WRITER
The Japanese owners of the stately Biltmore Hotel in downtown Los Angeles have sold the landmark property and an adjoining office tower to a Hong Kong-based hotelier for an estimated $60 million--a fraction of what they sold for in 1989. The buyer is Regal Hotels International Holdings Ltd., whose chairman, Y.S. Lo, was in Los Angeles on Monday for a travel and tourism trade show. "I think it's an opportune time to enter the Los Angeles market," Lo said in a telephone interview.
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BUSINESS
November 19, 1999 | Jesus Sanchez
Hong Kong-based Regal Hotels International Holdings Ltd. has agreed to sell the Regal Biltmore Hotel in downtown Los Angeles, along with the rest of its U.S. portfolio, to Millennium & Copthorne Hotels in a deal valued at $640 million. London-based Millennium & Copthorne would acquire 28 Regal hotels in the United States, boosting the company's worldwide holdings to 117 properties. As part of the deal, Millennium would assume $370 million in Regal debt.
BUSINESS
August 25, 1998 | MELINDA FULMER, SPECIAL TO THE TIMES
The owner of the historic Regal Biltmore Hotel in downtown Los Angeles has decided to sell that property, along with the 25 other U.S. inns that make up the Regal chain, just two years after buying it. Regal Hotels International Holdings Ltd., headed by Hong Kong-based hospitality executive Y.S. Lo, has enlisted New York investment firm Goldman, Sachs & Co. to market the portfolio, according to a Goldman representative.
BUSINESS
May 29, 2001 | JESUS SANCHEZ, TIMES STAFF WRITER
Hotelier John Wilson purchased the venerable Biltmore hotel last year knowing that the downtown Los Angeles landmark had seen better days. Guest rooms and public areas had begun to look frayed around the edges under a succession of owners and managers during the 1990s. Recession and riots scared off visitors from downtown altogether. Despite its historic grandeur, the Biltmore was no match for the often larger and more luxurious hotels of the Westside.
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