Matthew Bordwin, a Principal at Keen-Summit Capital Partners LLC (Keen-Summit), announced today that a qualified stalking horse bid in the amount of $100,000,000 has been accepted by Michael M. Eidelman as Special Master appointed by the United States District Court for the Central District of California, and that an open and competitive auction of the glamorous L’Ermitage Beverly Hills Hotel, one of Beverly Hills’ outstanding luxury properties, will take place for qualified bidders on August 19th with a minimum bids starting at $104,000,000. Bordwin said that Keen-Summit was retained as the exclusive real estate advisor to run the sale process by Mr. Eidelman, Shareholder and Chair of the Corporate Reorganization, Bankruptcy and Insolvency group at Vedder Price P.C.
For decades, the five-star L’Ermitage Beverly Hills has long epitomized Hollywood glamour and been a magnet for the industry’s elite; its fabled bar is where producers, and screenwriters often gathered, and its residences where celebrities resided. Developed in 1975, it boasts 116 meticulously designed suites with custom furniture and balconies, and includes an impressive 3,328-square foot Presidential Suite (with a Steinway grand piano) and 1,875-square foot Royal Suite – all containing sophisticated technology. The hotel also features a rooftop pool retreat, library lounge, meeting and event spaces, fitness center, spa, private dining and an acclaimed restaurant. It is centrally located at 9291 Burton Way, Beverly Hills, California, less than a mile from the storied Rodeo Drive, a premier vacation and business travel destination.
Bordwin added that in order to qualify to participate in the auction, interested bidders must submit their identity and financial qualifications, as per the terms of the Sale Procedures, by Monday, August 3rd and submit their bid by Monday, August 10th. With the assistance of Keen-Summit and lawyers in the litigation, corporate, real estate and insolvency groups at Vedder Price, he said the competitive auction and sale process will be in accordance with Court approved sale procedures. “Bids will be solicited for the hotel in an open and transparent manner, creating a competitive marketplace to maximize value.”