LOS ANGELES -- A Taiwanese group has purshed the Los Angeles Airport Hilton and Towers, one of the city's largest hotels, for an undisclosed amount, Hilton Hotels Corp. announced Monday.
Fortuna Enterprises L.P. purchased 1,279-room hotel from Algonquin Investment Co., a subsidiary of Security Pacific Bank.
The sale by Algonquin, which bought the hotel in mid-1989, was not related to Security Pacific's recently completed merger with BankAmerica Corp., a Hilton spokeswoman said.
Hilton Hotels will continue to manage the property, which is the largest in the Los Angeles Airport vicinity.
'We are extremely pleased that Fortuna Enterprises has assumed ownership of the Los Angeles Airport Hilton and Towers,' said Barron Hilton, chairman and president of Hilton Hotels. 'With its strong background in Far East hotel operations, Fortuna's expertise and impressive business relationships will be an asset to the ongoing operations of the hotel.'
Henry Hsu, chairman of Fortuna Enterprises, said his company would start a renovation of the hotel, which was opened in 1983, and estimated that the cost would be in excess of $20 million.
The renovation, to be completedby late summer next year, will include refurbishment of all guest rooms; a three-level interconnecting Hilton Towers development with 150 rooms; new restaurants; a new lounge featuring video entertainment, a renovated lobby and a new exterior facade.