Cain International buys into Beny Alagem’s Beverly Hilton

Money will go to renovations at Beverly Hilton and for buying out investors

Los Angeles /
Aug.August 22, 2018 02:30 PM
The Beverly Hilton with Cain International CEO Jonathan Goldstein and Beny Alagem

Beny Alagem has a new partner in the Beverly Hilton and Waldorf Astoria Beverly Hills.
The Beverly Hills hotel mogul inked a partnership deal with London-based Cain International that valued the two properties at a combined $1.2 billion. Neither party disclosed terms of the deal.

Cain International invested $345 million, and agreed to assume debt and help pay for renovations to the hotel, Bloomberg reported.

Alagem had to buy out 54 Madison Partners for $283 million. The rest of the money from the sale reportedly went to other investors.

The sale comes as Alagem moves through the approvals process with the Beverly Hills City Council for his long-planned Waldorf Astoria Residences project located on the Beverly Hilton/Waldorf Astoria property. Alagem could be consolidating the stakes in his two flagship properties and shedding debt as he prepares for the major undertaking.

Alagem’s current proposal for the Waldorf Astoria Residences project is the third version he’s presented to the city and residents. He already has an approval in hand for a low-rise version of the project that he received back in 2008. But he’s spent years trying to convince Beverly Hills voters and elected officials to let him build higher.

Alagem last proposed a 26-story version of the condo project. He took the issue directly to the voters with a ballot referendum for the project in 2016, but voters shot it down. He’s returned this year with a 23-story version that will go through City Council review process. The City of Beverly Hills last held a public meeting on the project in July.


Related Articles

arrow_forward_ios
9600 Wilshire Boulevard (Google Maps, iStock)

Beverly Hills Saks Fifth Avenue hits the auction block

Beverly Hills Saks Fifth Avenue hits the auction block
Michael Shabani of Crown and Russell Russell Gimelstob of Ascendant, and the building (Credit: Google Maps)

Crown Equity partnership sells Rodeo Drive building for $122M

Crown Equity partnership sells Rodeo Drive building for $122M
A rendering of the project (Credit: SKANSKA via Commercial Observer)

Skanska building its first ground-up LA development

Skanska building its first ground-up LA development
Justin Bieber and Hailey Baldwin with 1710 Tropical Avenue (Getty, Redfin)

Bieber and Baldwin list Beverly Hills home

Bieber and Baldwin list Beverly Hills home
Glorya Kaufman and the Hearst estate (Getty, The Agency)

Fortress can proceed with Glorya Kaufman lawsuit: judge

Fortress can proceed with Glorya Kaufman lawsuit: judge
The Beverly Hills office (Credit: Google Maps)

Sam Hakim-led family firm pays $36M for Beverly Hills office

Sam Hakim-led family firm pays $36M for Beverly Hills office
Gene Simmons of Kiss (Credit: Per Ole Hagen/Redferns via Getty Images)

Escape from LA: Kiss’ Gene Simmons lists Beverly Hills mansion

Escape from LA: Kiss’ Gene Simmons lists Beverly Hills mansion
LeBron James and the home at 9955 Beverly Grove Dr. (Credit: Ezra Shaw/Getty Images, and Google Maps)

Closing in on title, LeBron James closes on Beverly Hills mansion

Closing in on title, LeBron James closes on Beverly Hills mansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...