Monterey Park has become a hub for Chinese tourists, and with it hotel development
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Monterey Park has become a new home base for Chinese tourists visiting Southern California, and now Chinese developers are trying to cash in.
Tourists come for a glimpse of Hollywood, but stay in the suburb for the familiar surroundings and food.
“Chinese immigrants continue to come in. The city has become very well known in China,” said Michael Huntley, the director of community and economic development in Monterey Park. “Visitors know that they will be able to find the traditional restaurants they like.”
Every year Chinese travelers spend on average $3,000 on trips to California, more than any other country’s visitors, according to the U.S. Office of Travel and Tourism Industries.
Well aware of the flow of tourism, Chinese investors are bringing in brand-name hotels like Courtyard by Marriott and DoubleTree by Hilton to Monterey Park.
“We continue to see Chinese investors coming to our city with the desire to invest millions of dollars in big long-term real estate projects,” Huntley said. “China’s economy is always in the back of our minds because they are investing in real estate, so their decisions could affect overall development.”
Set to open next year, the six-story Courtyard by Marriott is on Atlantic Boulevard and Hellman Avenue. It’s EB-5 project status allows foreign investors involved to be eligible to apply for permanent resident status.