EOS Investors pays $100M for Beverly Hills hotel seized from Jho Low

NYC firm plans to make upgrades to Viceroy L’Ermitage

Los Angeles /
Oct.October 22, 2020 12:28 PM
Jho Low and the hotel (Credit: Google Maps)
Jho Low and the hotel (Credit: Google Maps)

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 


Related Articles

arrow_forward_ios
Faring slashes hotel rooms, boosts office space to Robertson Lane project
Faring slashes hotel rooms, boosts office space to Robertson Lane project
Faring slashes hotel rooms, boosts office space to Robertson Lane project
Hilton President and CEO Christopher J. Nassetta, Related Companies CEO Jeff T. Blau and a rendering of the project (Related, Getty)
Hilton’s Conrad brand to operate hotel at Related’s DTLA megaproject
Hilton’s Conrad brand to operate hotel at Related’s DTLA megaproject
(County of Los Angeles)
Project Roomkey almost certainly saved lives, but fell short of its initial goals
Project Roomkey almost certainly saved lives, but fell short of its initial goals
Renderings for the initial proposal (Los Angeles City Planning)
Domyan Group downsizes plans for DTLA hotel
Domyan Group downsizes plans for DTLA hotel
Owner of Sportsmen’s Lodge plans residential redevelopment
Owner of Sportsmen’s Lodge plans residential redevelopment
Owner of Sportsmen’s Lodge plans residential redevelopment
Sandstone Properties CEO Eri Kroh with a rendering of the project (Sandstone, The Jeff Hotel)
Culver City approves `The Jeff,’ Sandstone Properties’ 175-unit hotel
Culver City approves `The Jeff,’ Sandstone Properties’ 175-unit hotel
Renderings of the expansion, including the J.W. Marriott hotel (Saiful Bouquet)
Details of transformative LA Convention Center expansion emerge
Details of transformative LA Convention Center expansion emerge
California added more than 100,000 jobs for the fourth month in a row, bringing employment up to 16.35 million jobs. (iStock)
California’s hospitality industry adds jobs in May, but construction lost more than any other sector
California’s hospitality industry adds jobs in May, but construction lost more than any other sector
arrow_forward_ios

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

Loading...