Alagem Capital’s CEO is Beny Alagem, longtime owner of the Beverly Hilton. In August, The Real Deal reported that Cain and Alagem became part owners of the Beverly Hilton and the recently opened Waldorf Astoria Beverly Hills.
The price tag for the property, also known as One Beverly Hills, was not disclosed, but the Wall Street Journalhas reported it is more than $420 million.
The sellers, Beijing-based Dalian Wanda Group, purchased the parcel in 2014 for $420 million. Wanda put 990 Wilshire on the market a year ago, along with a handful of other properties around the globe.
The One Beverly Hills site was approved for a hotel and condo project about 10 years ago. Aside from demolition of the site in 2014, clearing away a Robinsons-May department store, there has been little activity on the 8-acre property. The site has changed hands a number of times since the recession.
The property is approved for 193 high-end condos and 134 hotel rooms across a 15-story tower and a 13-story tower designed by Getty Center architect Richard Meier.
The One Beverly Hills site sits directly next to the Beverly Hilton and the Waldorf Astoria. Alagem has been trying for over two years to get approvals to build an over 20-story condo tower on the Beverly Hilton and Waldorf-Astoria property. His current proposal, for a 23-story condo building, is working its way through the city approvals process.
- Cain International buys into Beny Alagem’s Beverly Hilton [The Real Deal LA]
- Chinese Exodus From U.S. Real Estate Accelerates With Sale of L.A. Site [The Wall Street Journal]