XLD Group snaps up Los Angeles Marriott

XLD Group, the US subsidiary of Chinese property investment firm Sichuan Xinglida Group, has bought the 1,004-room Los Angeles Airport Marriott for $160 million - its second hotel acquisition in California after spending $74 million on the 487-room, 17-story Marriott in the nearby city of Torrance last year.

Eddy Chao, president of Asia Pacific Capital, which represented XLD, said it expects to see a yield of more than 8 percent on its investment over the next several years.

"More than 90 percent of the Airport Marriott's rooms are occupied on an average night," said Chao, adding the company plans about $35 million worth of improvements over the next two years, including the creation of an executive floor and more suite-style rooms.