Cain International and Alagem Capital Group have acquired 9900 Wilshire Blvd. in Beverly Hills, Calif., (also known as One Beverly Hills).
Specific terms of the deal, expected to close later this month, were not disclosed. The seller, Dalian Wanda Group, bought the site, which sits along Santa Monica Boulevard on the lot adjacent to the Beverly Hilton Hotel, for $420 million in 2014.
The eight-acre site at 9900 Wilshire Blvd. is one of the most desirable undeveloped properties in the City of Beverly Hills, and is located 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 nine 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 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 Blvd. brings together 17 contiguous acres and more than 1 million square feet of developable property in the heart of Beverly Hills.
In August, it was announced that London-based Cain International would invest $345 million into Alagem’s Beverly Hilton and Waldorf Astoria Beverly Hills.
Wanda had plans to build a $1.2 billion mixed-use development, which was to include 193 condos, a 134-room luxury hotel and high-end commercial offices.
The sale was part of Wanda’s disposition efforts enforced by Chinese regulators. Wanda has since offloaded tens of billions of dollars of assets within China and around the world.
