4/23/2010

The Sheraton Universal Hotel, a fixture in the Southern California hotel market, has been put on the market amid financial struggles. Lowe Enterprises bought the 451-room hotel, a 20-story tower in Universal City, when the market was booming in 2007 for $122 million, and has invested $25 million in improvements. But the property was recently appraised at just $75 million. Current prices for similar properties would price the hotel at about $200,000 per room, or $90 million.

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