Overview

Bank of China provides $31 million loan to Shenzhen New World Investment to finance its acquisition of JW Marriott hotel in downtown Los Angeles

Commitments (Constant USD, 2023)$39,870,293

Commitment Year•2010Country of Activity•United StatesDirect Recipient Country of Incorporation•China (People's Republic of)Overseas Jurisdiction•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 14, 2010

Start (actual): May 14, 2010

End (actual): May 14, 2010

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower to finance of a JW Marriott hotel in downtown Los Angeles. The 469-room hotel is located at 333 S Figueroa St Los Angeles, CA 90071. More detailed locational information can be found at https://www.openstreetmap.org/way/427532193

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

Shenzhen New World Investment Co.,Ltd

Loan desecription

Bank of China provides $31 million loan to Shenzhen New World Investment to finance its acquisition of JW Marriott hotel in downtown Los Angeles

Interest type•Unknown

Narrative

Full Description

Project narrative

In or around May of 2010, the Los Angeles Branch of the Bank of China (BOC) provided a $31 million loan to Shenzhen New World Investment Co., Ltd – a Chinese company working in real estate finance and development – to finance its acquisition of a JW Marriott hotel in downtown Los Angeles. The 469-room hotel was located at 333 S Figueroa Street, Los Angeles, CA 90071. The acquisition was completed for a total of $63 million The hotel was later renamed the LA Grand Hotel, and Shenzhen New World Investment Co., Ltd submitted plans to renovate the building into a 77-story skyscraper. In November 2020, Shenzhen New World Investment Co., Ltd was charged with wire fraud and honest services fraud crimes related to this location. The company was convicted in 2022 and ordered to pay $4 million and placed on a 5-year probation in 2023