Sheraton to Become Holiday Inn

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.