China's New World Group has purchased a luxury hotel in downtown Los Angeles. A property transfer ceremony was held yesterday.

The five-star hotel, located in the city's financial sector, is nearby many landmark buildings including the LA Exhibition Center, Nokia Theater and Staples Center. The hotel's sale was triggered after it was hit hard by the global financial crisis. After eight-month-long negotiations, the New World Group struck a deal to purchase the hotel. The company's president, Huang Wei, described the deal as a win-win situation for both parties because it will provide employment to the local residents.

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