Alagem Capital, Cain International Partner on Beverly Hills Hotels
The investment partnership, the first between the two firms, encompass the Waldorf Astoria Beverly Hills and the Beverly Hilton hotel properties.
BEVERLY HILLS, CA—Alagem Capital Group reports it has formed an investment partnership with Cain International on two high-profile luxury hotel properties here valued at more than $1 billion.
The investment partnership, the first between the two firms, encompass the Waldorf Astoria Beverly Hills and the Beverly Hilton hotel properties.
However, Bloomberg recently reported that Cain International, which has offices in London and New York City, acquired an interest in the two hotel properties from Alagem’s Oasis West Realty LLC. Beverly Hills-based Alagem first bought a stake owned by 54 Madison Partners. Cain International, a portfolio company of Eldridge Industries, is reportedly investing $345 million and assuming debt associated with the complex, Bloomberg reported, citing a source close to the deal.
Jonathan Goldstein, Cain International’s chief executive and co-founder says, “Cain International is excited to join forces with Alagem Capital to help drive continued success at two of LA’s finest properties, the Waldorf Astoria and the Beverly Hilton. This investment supports our belief in exceptional projects that cater to the diverse and comprehensive lifestyle needs of today’s consumers. Cain International is committed to supporting outstanding businesses driving long-term value in gateway markets like LA.”
“Following the success of several real estate projects in the UK, I am excited to work with Cain International as it expands its U.S. portfolio with a significant investment in a marquee property on the West Coast,” adds Alagem’s CEO Beny Alagem. “Cain International brings its collective experience in the real estate world to support the success of the Waldorf Astoria Beverly Hills, as well as the future revitalization of the Beverly Hilton.”
The 63-year-old Beverly Hilton has hosted a great number of high-profile entertainment, charitable and political events over the years, including the Golden Globe Awards and the Milken Institute Global Conference.
In its second year of operation, the Waldorf Astoria Beverly Hills has been awarded numerous accolades including Forbes’ Travel Guide 5 Star Rating, Condé Nast Traveler Readers’ Choice award for #1 Hotel in Los Angeles and Travel + Leisure’s, It List: Best New Hotels designation.