Beny Alagem has a new partner in the Beverly Hilton and Waldorf Astoria Beverly Hills.
The Beverly Hills hotel mogul inked a partnership deal with London-based Cain International that valued the two properties at a combined $1.2 billion. Neither party disclosed terms of the deal.
Cain International invested $345 million, and agreed to assume debt and help pay for renovations to the hotel, Bloomberg reported.
Alagem had to buy out 54 Madison Partners for $283 million. The rest of the money from the sale reportedly went to other investors.
The sale comes as Alagem moves through the approvals process with the Beverly Hills City Council for his long-planned Waldorf Astoria Residences project located on the Beverly Hilton/Waldorf Astoria property. Alagem could be consolidating the stakes in his two flagship properties and shedding debt as he prepares for the major undertaking.
Alagem’s current proposal for the Waldorf Astoria Residences project is the third version he’s presented to the city and residents. He already has an approval in hand for a low-rise version of the project that he received back in 2008. But he’s spent years trying to convince Beverly Hills voters and elected officials to let him build higher.
Alagem last proposed a 26-story version of the condo project. He took the issue directly to the voters with a ballot referendum for the project in 2016, but voters shot it down. He’s returned this year with a 23-story version that will go through City Council review process. The City of Beverly Hills last held a public meeting on the project in July.