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Published on : Monday, July 24, 2017
Some will witness their grand openings shortly.
The Sheraton Los Angeles San Gabriel hotel, at 303 E. Valley Blvd is in its closure phase and will be opened in November, as confirmed by the hotel manager Wanda Chan. It will have approximately 288 rooms, a meeting space, restaurants and a Starbucks.
Just down the block, the Hyatt Place hotel is located at 101 W. Valley is anticipated to be opened by 2018, as informed by the property manager Arnold Sei.
Chinese investors have backed three of the four hotel projects financially through the federal EB-5 investment program. This has been designed to lure international investments. The three include the Sheraton and two hotel projects in Monterey Park: a Courtyard by Marriott Hotel all prepared to be opened by 2018 and a Doubletree Hotel – yet to confirm an opening date.
The EB-5 program permits foreigners who take the plunge of making investments of around $1 million into job-creating business projects to become green card holders.
Luring more Chinese visitors remains the main motive of the Management of the three hotels.
By 2021, approximately 5 million Chinese visitors are anticipated to visit the United States, according to the International Trade Administration, making China the top overseas visitation market in the U.S.
“Tourism is a big industry, and we are fortunate to be in the center of it,” said San Gabriel’s Economic Development Director Angelica Frausto-Lupo.