Atlas in the news
West Elm Hotel Plans Stall With Lawsuit Involving Development Partner
Some of Retailer’s Hotel Development Sites Were Replaced With New Operators https://product.costar.com/home/news/1613864686?tag=1 By Katie Burke CoStar News July 22, 2020 | 09:09 AM Home furnishings retailer West Elm’s plans to enter the hospitality industry by building at least six hotels across the country appear to have hit a snag amid delays and legal battles, threatening its attempt to follow other chains in developing commercial property beyond stores. The retailer, known for its upscale, midcentury-modern styles, had been working with developers nationwide in recent years on sites that were initially set to be future West Elm Hotels. However, those planned in Oakland, California; Detroit and Indianapolis have been replaced with another boutique hotel operator, according to the developers. And West Elm’s projects in Portland, Maine; Savannah, Georgia; and Minneapolis have not materialized, though initial announcements outlined openings beginning this year. Neither New York City-based West Elm nor its parent company, Williams-Sonoma Inc. of San Francisco, responded to requests for comment from CoStar News. Rampant competition in the sector among corporate stalwarts such as Marriott, Hilton and the InterContinental Hotels Group made it challenging for newcomers to build their brand, even before the coronavirus pandemic disrupted the global hospitality industry. “It is very…
Luxury Hotel Seized in Malaysian Financial Case Heads to Auction in Posh Beverly Hills
Court to Sell Off California’s Viceroy L’Ermitage After Former Owner’s International Legal Troubles https://product.costar.com/home/news/shared/1827109742?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content=p4 By Lou Hirsh CoStar News July 20, 2020 | 4:10 P.M. A luxury Beverly Hills, California, hotel that is popular with celebrities could be sold at a discount in a court-ordered auction next month, following what international law enforcement officials call a money laundering and bribery scheme they say involves former owner Jho Low. Brokerage firm Keen-Summit Capital Partners is seeking bids of at least $104 million for the 116-room Viceroy L’Ermitage Beverly Hills hotel, located at 9291 Burton Way near the well-known and expensive Rodeo Drive retail district, ahead of an auction scheduled Aug. 19. That price, at almost $900,000 a room, is roughly half of the record sale price that another luxury hotel garnered last year in a wealthy area that’s one of the nation’s strongest hotel markets. The court-appointed attorney and broker for the L’Ermitage hotel, which was seized in 2016 by federal authorities as part of an investigation into what the U.S. Department of Justice and Singapore government say is a money-laundering scheme involving Low, a Malaysian financier, said they have already fielded considerable buyer interest in the property. The site has been known for the past…
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…
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