Narrative
Full Description
Project narrative
Prior to January 2023, the Industrial and Commercial Bank of China (ICBC) issued a $21 million USD loan to an unspecified borrower for purposes associated with the Crowne Plaza Los Angeles Harbor Hotel, a ten-story 244-room 250,000-square foot hotel on a two-acre site at 601 South Palos Verdes Street in San Pedro, Los Angeles, Los Angeles County, California.
Staff comments
1. The specific commitment date, the borrower, and use of proceeds is unknown. The loan was made in or prior to January 2023, as a timestamped Internet Archive snapshot from that month contains the source, and thus AidData has coded January 2023 as the commitment date and marked the commitment_date_estimated? field as True. The specific borrower and use of proceeds is unknown, though it is possible, if not likely, that the loan was to a borrower was linked to SPF Capital Real Estate, an entity linked a Beijing-based investment firm, that purchased the hotel for $26.9 million USD in 2017, and the proceeds were used to finance that acquisition, refinance it, or fund further renovations at it. For the time being, AidData has not included any borrower without further sources to identify one.