EOS Investors is the buyer of a Beverly Hills hotel that the U.S. government seized from Malaysian financier Jho Low.
The U.S. government sold the Viceroy L’Ermitage Beverly Hills Hotel in August. New York City-based EOS Investors LLC completed the $100 million deal on Thursday, according to the Wall Street Journal. The sale breaks down to $860,000 per room.
Federal authorities say Low was the mastermind behind a $1.7 billion fraud perpetrated through 1MDB, a government-run development company. Last year, he gave up his claim to up to $900 million worth of assets.
On Thursday, Goldman Sachs agreed to pay more than $2.9 million to government regulators for the company’s role in the scandal.
EOS Investors’ $100 million purchase of the 116-room hotel beat about 800 potential buyers and 50 bids, but it was still the lowest price allowed to trigger a sale.
The devastating impact of the pandemic on the hospitality industry likely kept some potential buyers from bidding higher.
EOS Investors President Jonathan Wang said the property’s previous owner “adds some mystery to the hotel.” EOS plans to “bring back more luxury elements,” Wang said.
The company manages about 20 hotels, including properties in Washington, D.C., Florida and South Carolina. [WSJ] — Dennis Lynch