Cain International

23rd August 2021

Alagem Capital Group and Cain International secure $500M from Aareal Capital Corporation and Goldman Sachs Asset Management for Beverly Hilton and Waldorf Astoria refinancing

Los Angeles, August 23, 2021 – Alagem Capital Group and Cain International, have secured $500 million from Aareal Capital and the real estate business within Goldman Sachs Asset Management (Goldman Sachs) to refinance the Beverly Hilton and the Waldorf Astoria Beverly Hills. The senior portion of the loan is being provided by Aareal Capital. Goldman Sachs’ Broad Street Real Estate Credit Partners III fund is providing the mezzanine portion of the loan.

In August 2018, Cain International, the privately held investment firm led by Jonathan Goldstein, partnered with Alagem Capital Group, developer of the Waldorf Astoria Beverly Hills and long-time owner of the Beverly Hilton. The partnership later acquired the 9900 Wilshire site and formally announced plans to develop One Beverly Hills, a 17.5-acre, mixed-use resort which will include both of these iconic hospitality assets.

“This strong commitment from highly regarded institutions is a major milestone for our project and further underpins our belief in the bright future for the hospitality industry and global gateway cities,”’ said Jonathan Goldstein, CEO of and co-founder of Cain International. “We are thrilled to be working with an exceptional investor base and look forward to building on our relationship with Goldman Sachs and Aareal Capital as we progress with the delivery of the One Beverly Hills masterplan.”

“We are gratified by the confidence our financial partners have in our vision,” said Ted Kahan, President of Alagem Capital Group.  “It clearly demonstrates the strength and success of the Beverly Hilton and Waldorf Astoria.”

Opened in 1955 by Conrad Hilton, the Beverly Hilton comprises 566 newly renovated guest rooms, two F&B outlets, as well as substantial event space utilized for prestigious events, such as the Golden Globes and the Milken Institute’s Global Conference.

Designed by the legendary Pierre-Yves Rochon and set at the intersection of Wilshire and Santa Monica Boulevards, the Waldorf Astoria Beverly Hills comprises 170 oversized guest rooms and suite balconies, four F&B outlets, a La Prairie Spa, and a 5,600 square foot meeting space.

One Beverly Hills is defined by its commitment to environmental responsibility. By incorporating the most comprehensive suite of technologies and the highest level of design, it will be one of the largest net-zero greenhouse emission projects in the country. The project will add three environmentally sustainable buildings to the site: two residential condominium towers and a third building housing a 42 all-suite luxury hotel and residences set around eight acres of botanical gardens. The goal is to create a new level of healthy lifestyle and to set the standard for environmental leadership in development. As part of the project, the Beverly Hilton will see extensive upgrades to bring the green of the gardens into the hotel experience. The masterplan is expected to complete in 2026.

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