Beverly Hilton hotel may get new owner

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

Owners of the Beverly Hilton might sell the Wilshire Boulevard landmark, now that they have an idea what property in the vicinity is currently worth.

Oasis West Realty confirmed Monday that it has engaged international hotel broker Cushman & Wakefield Sonnenblick Goldman to test the market for a potential sale.

Oasis has not set a price, but the eight-acre parcel next door at 9900 Wilshire Blvd. sold for $148 million last month to investors from Hong Kong and Singapore. The buyers intend to build luxury condominiums on the site formerly occupied by a department store.

The nine-acre Beverly Hilton property at the intersection of Wilshire and Santa Monica boulevards in Beverly Hills also may see more development. Oasis, led by investor Beny Alagem, has secured approval for the addition of a new 170-room, five-star hotel and two luxury residential buildings totaling 110 units.

The owners would be required to preserve the original 352-room tower and ballrooms completed in 1955. Later additions totaling 217 rooms would be razed to make way for the new development.

Oasis plans to proceed with the development within the next year or two if it doesn’t receive an offer it finds acceptable.

“The Beverly Hilton is a world-famous hotel with a legendary history,” said Rob Stiles, executive vice president and principal, head of the western region for Cushman & Wakefield Sonnenblick Goldman. “Given Mr. Alagem’s desire to begin development within the next 12 to 24 months, now is the right time to explore the alternative of a sale.”

Oasis bought the hotel at the end of 2002 for a reported $130 million and has spent an additional $81 million on improvements completed in 2006, upgrading its Forbes hotel rating from three stars to four in the process.

--Roger Vincent