Going Concern – Hospitality – Trustee – Calif
As highlighted on page 35 of this presentation, Keen was engaged by the Special Master for the US DOJ to sell the L’Ermitage Beverly Hills Hotel.
This hotel had been tied up in the 1MDB $6.5 billion international money laundering scandal. In a 35-day marketing period, Keen had:
- over 1,000 inquiries
- over 800 executed NDAs
- over 50 written offers
Based upon this project and the 800+ executed NDAs, Keen has current contact information for virtually every real estate investor in North America and globally. Our prospect list from the L’Ermitage projected included:
- hotel flags
- hotel investment and management companies
- private real estate equity firms
- Family offices and high-net-worth individuals
Transaction Summary
The Situation
The United States District Court for the Central District of California, at the request of the United States Department of Justice, entered an Order authorizing the sale of the L’Ermitage Beverly Hills Hotel, a 116-suite luxury hotel, that was tied up in the multi-billion dollar 1MDB scandal.
Michael M. Eidelman, Esq., Vedder Price P.C., as Special Master, engaged Keen to broker the sale.
In May 2020, during the COVID quarantine, Keen initiated a robust marketing plan that leveraged its industry relationships and its proprietary database. Keen fielded inquiries from over 1,000 prospects, nearly 800 of whom executed the non-disclosure agreement and received over 50 offers.
Keen successfully secured a $100M offer from EOS Investors LLC. The sale closed on October 22, 2020. This sale is one of the largest hospitality transactions in 2020.
