Beverly Hills, CA (JUNE 9, 2022) – Alagem Capital, the Beverly Hills based holding company led by Beny Alagem, (“Alagem”) and Cain International (‘Cain’), the privately held investment firm led by Jonathan Goldstein, today announced significant developments for the One Beverly Hills project, the 17.5 acre luxury residential and hotel development in Beverly Hills.
Alagem and Cain are excited to announce that the project will include an Aman hotel, as well as Aman Branded Residences and a new Aman Club, the brand’s private members’ club.
The partnership will represent Aman’s first project in California and its fifth project in the United States, following Aman New York (02 August 2022), Aman Miami Beach (2024), as well as existing destinations Amangani in Jackson Hole, Wyoming and Amangiri in Canyon Point, Utah. Aman, led by Vlad Doronin, is the world’s pre-eminent hospitality and lifestyle brand, is revered as a provider of seclusion, wellbeing, exceptional design, and unparalleled service. Aman currently operates 34 properties in 20 countries, 15 of which are located within or close to Unesco Sites.
Jonathan Goldstein, co-founder and CEO of Cain International said, “Aman has a distinguished track record of delivering unrivaled hospitality experiences and we are delighted to be partnering with Vlad Doronin and his team on this transformative development.”
An architecturally striking and sustainable 17.5-acre mixed-use urban resort, One Beverly Hills represents the unification of several properties including the iconic Beverly Hilton and Waldorf Astoria Beverly Hills. “One Beverly Hills represents a once in a lifetime opportunity to create a truly unique experience in one of the most coveted locations in the world and is the consummation of my vision for this Gateway to Beverly Hills,” said Alagem. Alagem purchased the Beverly Hilton in 2003 and developed and built the Waldorf Astoria Beverly Hills that opened in 2017.
Vlad Doronin, Chairman and CEO of Aman said: “Aman Group’s strategy is to bring the brand’s coveted resort experiences to urban destinations. This strategic direction has seen us successfully launch the multiple award-winning Aman Tokyo in 2014 and Aman Residences, Tokyo will follow in 2023, as well as Aman Nai Lert Bangkok Hotel and Residences 2023 Aman Miami Beach Hotel and Residences (2024), plus the imminent opening of Aman New York. The announcement of Aman Beverly Hills further demonstrates our commitment to this strategy and long-term vision. Staying true our DNA and the revered Aman lifestyle, Aman Beverly Hills, nestled in its expansive botanical gardens, captures the legacy and heritage of Aman while connecting our guests with fascinating urban environments. We look forward to delivering another world-class destination on our continued mission to curate hotels and residences of architectural distinction in exceptional locations, with our unparalleled service and experiences.”
Former Westfield executive Larry Green has been appointed One Beverly Hills’ Managing Director responsible for implementing the development plan. Formerly the head of US Development for Westfield, Green has three decades of experience in major property development. He played a critical role in the transformation of Westfield Century City, Westfield Topanga and many other developments.
Cain and Alagem Capital partnered in 2018 and the joint venture received the entitlements for One Beverly Hills in 2021 with construction expected to begin in 2023 and completed in 2026. The partnership recently secured $500 million from Aareal Capital and the real estate business within Goldman Sachs Asset Management to refinance the Beverly Hilton and Waldorf Astoria Beverly Hills as part of the development master plan.
As part of the project, the Beverly Hilton will see extensive upgrades to bring the green of the gardens into the hotel experience. The site is currently one of the largest and most environmentally advanced private real estate development projects underway in the United States, designed to exceed California’s own ambitious sustainability goals. With wellbeing and sustainability at the forefront of its masterplan, the One Beverly Hills site will be home to over eight acres of botanical gardens which feature over two miles of walking paths.
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