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Talk about a nice return on your investment. The Los Angeles County Employees Retirement Association is selling the landmark Ritz-Carlton Huntington Hotel & Spa in Pasadena for $170 million, which is a few dollars more than the $42.5 million that the association paid for the property in 1994. The buyer is Great Eagle Holdings, a Hong Kong real estate investment firm that's controlled by billionaire Lo Ka-shui. Great Eagle owns hotels in Boston, London, Hong Kong, Auckland, New Zealand, and Melbourne, Australia, and it's looking to expand. One outstanding issue is the lawsuit filed in August by two employees who allege they were not paid overtime and were forced to work through their breaks. (LAT)
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Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.