Real estate developer Sichuan Xinglida Group Enterprises Co purchased the Torrance Marriott South Bay hotel for USD74 million. The acquisition deal was done via the Chinese developer's US subsidiary XLD Group, real estate broker John Strauss said. This was according to a report published by Los Angeles Times.

The Torrance Marriot South Bay is a 17-storey hotel that stands beside Del Amo Fashion Center. Strauss said Marriott will still be the operator of the hotel. He also said the new owner plans to renovate the 487-room property and market it as a more upscale hotel, the report explained.

In the past, Asian investors have favored trophy properties in big cities. Now, the new acquisition trend seen in recent purchases of Chinese companies are now into low-profile hotels near beaches. The recent purchase of Torrance reportedly fits in this strategy. Torrance may not be as upscale as San Francisco or Beverly Hills, but it is two miles away from Pacific beaches. The broker the hotel has gained substantial interest from domestic and international investors, Los Angeles Times reported.