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Chinese group buys Sheraton Universal Hotel

ABC7 Eyewitness News HD covering Los Angeles and Southern California.

January 5, 2011 12:00:00 AM PST
The Sheraton Universal Hotel is getting a new lease on life.The hotel sits on a hill overlooking Universal City's famous studios and theme park.

The hotel was purchased by the Chinese real estate firm Shenzhen New World Group. The company held a dedication Wedensday.

The price of the hotel was not disclosed.

The hotel opened 40 years ago and recently underwent a $30-million renovation.