LVGEM CHINA's subsidiary plans to sell hotel properties located in Los Angeles, USA for USD 20 million
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LVGEM CHINA announced that its wholly-owned subsidiary LVGEM Hotel Corporation has reached an agreement with Capital Insight Holdings LLC to sell a hotel property located in Los Angeles for USD 20 million. The hotel is situated in the Covina area of California and has 258 guest rooms. Although this sale will result in a loss, the company's management believes that this move will improve its financial condition and provide cash flow for repaying outstanding debts
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