Sheraton to Become Holiday Inn
- Share via
It’s checkout time in Redondo Beach for the Sheraton Hotel, which beginning Monday will be operated as a Holiday Inn Crowne Plaza, hotel officials said this week.
A keystone of harbor-area redevelopment since its opening in 1986, the hotel had been operated by ITT Sheraton, but owned by GlenFed Development Corp., a subsidiary of GlenFed Inc., a Glendale-based savings and loan.
Federal reforms passed in 1989 as a part of the federal S & L bailout law discouraged continued investment by thrifts in real estate and development. GlenFed--parent of Glendale Federal Bank--has been phasing out of commercial real estate since last October, said Judy Cunningham, a spokeswoman for the thrift.
Although ITT Sheraton was among the prospective buyers, the corporation was outbid by Holiday Inns Inc., said Sheraton spokeswoman Marje Bennetts.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
