“Beverly Hills hotel changes hands for $100M” Hotel Management 11/6/2020
Beverly Hills hotel changes hands for $100M
The sale of the Viceroy L’Ermitage Beverly Hills Hotel is one of the largest hospitality transactions in 2020. Photo credit: Keen-Summit Capital Partners
Keen-Summit Capital Partners brokered the sale of the Viceroy L’Ermitage Beverly Hills Hotel to New York-based EOS Investors for $100 million.
This sale is reportedly one of the largest hospitality transactions in 2020. Keen-Summit secured the $100 million offer from EOS Investors in August, and the sale closed on Oct. 22.
“We saw this as a huge opportunity for the right investor, even in the midst of COVID,” said Matthew Bordwin, principal and managing director of Keen-Summit. “EOS Investors LLC, which have a large portfolio of hotels, saw this as an opportunity to acquire rare hotel real estate in one of the most sought-after luxury markets in the world that is notoriously hard to break into.”
The 116-suite hotel underwent a $37 million renovation in 2016 following its acquisition in 2010 by an entity tied to Low. 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 hotel. Michael M. Eidelman, Vedder Price P.C., as special master, engaged Keen-Summit to broker the sale.
Keen-Summit fielded inquiries from over 1,000 prospects, nearly 800 of whom executed the non-disclosure agreement, and received more than 50 offers.