Beny Alagem’s Alagem Capital and Jonathan Goldstein’s Cain International have selected prominent hospitality and lifestyle brand Aman to run its luxury hotel and residences at the One Beverly Hills mega-development.
The 1.4 million-square-foot, 17.5-acre project will include the Aman hotel, Aman Branded Residences and a new Aman Club, the brand’s private members’ club, at the western entrance into Beverly Hills. Larry Green, a former Westfield executive, has been appointed managing director of One Beverly Hills.
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The Alagem-Cain joint venture received the entitlements for One Beverly Hills last year, and construction is expected to begin in 2023 and take three years to complete. The 10-story hotel and ultra-luxury residences portion will be at Wilshire and Santa Monica boulevards.
The partnership secured $500 million from Aareal Capital and Goldman Sachs Asset Management to refinance Alagem’s adjacent Beverly Hilton and Waldorf Astoria as part of the development master plan that will bring the three luxury properties together. Alagem purchased the Beverly Hilton in 2003 and developed and built the Waldorf Astoria Beverly Hills, which opened in 2017.
Led by Vlad Doronin, One Beverly Hills is Aman’s first project in California and its fifth in the United States, which includes Aman New York coming in August, and Aman Miami Beach set for 2024. Aman currently operates a total of 34 properties in 20 countries.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
