(NEW YORK, NY) November 15, 2018 – Cain International and Alagem Capital Group today announced an agreement to acquire 9900 Wilshire Boulevard Beverly Hills, California (also known as One Beverly Hills). Specific terms of the deal, expected to close later this month, were not disclosed.
The acquisition is the continuation of a significant investment in Beverly Hills by Cain International, which, earlier this year partnered with Alagem Capital Group and purchased a stake in the neighboring Waldorf Astoria and The Beverly Hilton hotels. The combination of the hotels and land at 9900 Wilshire Boulevard brings together 17 contiguous acres and over one million square feet of developable property in the heart of Beverly Hills.
“Cain International is thrilled to be investing in the growth of Beverly Hills and the development of this vibrant community,” said Jonathan Goldstein, CEO of Cain International. “In conjunction with our ownership stake in the Waldorf Astoria and Beverly Hilton, this integrated property demonstrates our commitment to best-in-class projects in gateway cities across the U.S. We look forward to working with the Beverly Hills community to bring thoughtfuldevelopment to this iconic neighborhood.”
Alagem’s Chief Executive Officer Beny Alagem said, “We are extremely excited to acquire this amazing property. Together with our existing Waldorf Astoria and Beverly Hilton sites, we believe we have one of the most unique and exciting collection of properties in the US, if not the world.”
The 8-acre site at 9900 Wilshire Boulevard is one of the most desirable undeveloped property in the City of Beverly Hills, adjacent to the Waldorf Astoria and Beverly Hilton hotels, and minutes away from world famous Rodeo Drive, Bel Air, Holmby Hills and Century City. Together, with the 9 acres of the Waldorf Astoria and The Beverly Hilton, this acquisition represents a dramatic opportunity to create a unified development. Now in its second year of operations, the Waldorf Astoria Beverly Hills has raised the bar for luxury hotels in the Los Angeles area and has been awarded numerous accolades. And over the Beverly Hilton’s 63-year legacy, it has been renowned for its high-profile entertainment, charitable and political events notably the Golden Globe Awards and the Milken Institute Global Conference.
The Wall Street Journal first reported on this acquisition. Photo Credit: Mark Ralston/Agene France-Presse/Getty Images