sheraton universal hotel

Sheraton Universal Hotel Up For Sale

One of the older hotels in Los Angeles is being put up for sale. The LA Times reports that the Sheraton Universal Hotel is officially on the market. The 20-story tower has been in financial trouble for at least a year. This one is another case of buy at peak, repent in the slump, Los Angeles-based real estate developer and landlord Lowe Enterprises paid $122 million for the 451-room hotel in 2007. The hotel was upgraded with $30 million in guest room makeovers and a remodeling of the public spaces that focused on capturing the glamour of Old Hollywood. But as real estate values plummeted the hotel's value kept falling. It was appraised at $75 million in February. Lowe lost control of the property earlier this year. No price has been listed but the LA Times speculates that the price for the 41-year-old hotel could be around $90 million.

The hotel remains open as a Sheraton. It has a heated outdoor swimming pool and whirlpool and offers easy access to Universal Studios Hollywood and Universal Citywalk. Through the Better Tomorrows program for every night you pay the regular rate, you'll receive the next night at a 50% discount.

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