LOS ANGELES, March 15, 2013 /PRNewswire/ -- ASAP Expo Incorporated (OTCQB: ASAE) today announced that it has arranged the purchased the 226-room DoubleTree by Hilton San Pedro - Port of Los Angeles on behalf of LA Sky Harbor LLC together with AVIC International USA. The DoubleTree San Pedro - Port of L.A. represents the first hotel acquisition for LA Sky Harbor in Los Angeles. ASAP and AVIC are excited to partner on their first hotel project.
In the past few years, AVIC has completed three acquisitions totaling over $1 Billion. Confident from the success in the previous transactions and the U.S. economy, AVIC anticipates investing aggressively in commercial real estate for 2013.
Mr. Xu Ming Zhang, President of AVIC International USA commented, "With a simple business plan, we anticipate a seamless transition to add value quickly to the bottom line. We see great growth potential and upside opportunity for the hotel and investment. Besides aviation, our business covers new energy, real estate, hotels, high-end retail, international trade, logistics, electronics and more. This hotel fits perfectly into our business."
Frank Yuan, CEO of ASAP International stated, "Although the DoubleTree acquisition by AVIC represents its first U.S. hotel investment in several years, we are aggressively looking to add more assets to its portfolio. AVIC is the ideal partner because of its international exposure and human capital with knowledge in a wide range of specialized industrial sectors."
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