In October 2011, Kyoto Grand Hotel in Little Tokyo was purchased by UBS Realty, a division of the Swiss financial service company, for $45 million.
UBS plans to run the hotel under the Doubletree by Hilton name. The hotel will be managed by Rim Hospitality of Newport Beach, a firm that also manages the Sheraton Los Angeles Downtown Hotel and the Sheraton Universal Hotel.
In August 2007, 3D Investments, a Century City-based real estate firm, purchased then New Otani Hotel and the adjoining Weller Court shopping center from the East West Development Corporation for $54 million.
In November 2010, 3D submitted their plan in U.S. Bankruptcy Court to sell the hotel, which had fallen into default.