Atlas in the news
L’Ermitage Luxury Hotel Headed for Auction
Bidding will start at $104 million https://labusinessjournal.com/news/2020/jul/13/lermitage-luxury-hotel-headed-auction/ By Hannah Madans Monday, July 13, 2020 The Viceroy L’Ermitage Beverly Hills hotel could have a new owner soon. The luxury hotel, which was seized in a money laundering scandal involving financier Jho Low, will be sold at auction Aug. 19. Matthew Bordwin of real estate brokerage Keen-Summit Capital Partners, who is handling the sale, announced July 9 that a stalking horse bid of $100 million had been accepted by Michael Eidelman, special master appointed by the United States District Court for the Central District of California. The stalking horse bidder, Bordwin said, was a corporate entity. The company behind it is a confidential investor “with significant hospitality experience.” An open auction will take place Aug. 19 where the minimum bid starts at $104 million. Interested buyers must submit identification and financial information by Aug. 3. Bordwin said he could not speculate how much the property would end up selling for but expects it to generate significant interest. “It was an interesting time for us to come to market in the middle of Covid,” Bordwin said. “The hospitality market is taking a beating. We found that this is a unique trophy property and a…
Famous hotel is for sale — while ex-owner’s on the lam
L’Ermitage in Beverly Hills will fetch at least $100 million By Roger Vincent https://www.latimes.com/business/story/2020-07-10/court-ordered-sale-viceroy-lhermitage-beverly-hills-hotel Bidding has commenced in an auction of the Viceroy L’Ermitage Beverly Hills, a legendary hotel last owned by a highflying Malaysian investor now on the lam after being accused of embezzling billions of dollars from his country’s government. The low-key boutique hotel has been known as a celebrity haunt for decades, where the likes of Elizabeth Taylor, Richard Burton and Laurence Olivier have bunked for the night and dined in its fancy French restaurant. It will sell for at least $100 million, federal representatives said Thursday, or perhaps more at an auction set for Aug. 19. Since it opened in 1975, the L’Ermitage has had a series of owners — most recently the U.S. government, which moved to seized it in 2016 from Malaysian financier Jho Low. Federal investigators said Low bought the hotel and other properties, including a Hollywood Hills mansion, with money embezzled from a Malaysian government-owned fund intended to spur economic development in the Southeast Asian country. In 2012, Low turned heads when he dropped a whopping $38.98 million on his Hollywood Hills estate, redefining what a home could sell for in the…
With Hospitality Industry Looking Bleaker, Anaheim Focuses On Safely Reopening
May 20, 2020 Joseph Pimentel, Bisnow Los Angeles https://www.bisnow.com/orange-county/news/hotel/anaheims-hospitality-industry-looks-bleak-city-focusing-on-safely-reopening-104489 Before the coronavirus pandemic, the city of Anaheim was slated to embark on another record year. Disneyland’s Star Wars: Galaxy’s Edge had finally completed in January, the city was set to welcome six new hotels this year, the convention center was attracting more events and the Los Angeles Angels, with a new manager and stadium, were looking to draw another 3 million fans for the 18th year in a row. But the coronavirus crisis has effectively halted the city’s momentum. Disneyland and the city’s convention center is closed. The hotels around the city’s resort district are empty. The Angels’ parking lot is now home to thousands of unused rental cars. The city is expected to face a shortfall as its two major revenue generators, a transient occupancy tax and its sales tax, will normalize. Now, as California begins to slowly allow cities to reopen, more businesses in Anaheim are looking to rebound and rehabilitate an ailing hospitality and tourism industry. “Our first look is at internal cost-cutting first,” Anaheim City spokesman Mike Lyster said. “We as a city pride ourselves on being a low cost, low tax city, so we are…
- « Previous
- 1
- …
- 23
- 24
- 25
