LOS ANGELES-The Beverly Hilton Hotel site, a $500-million development that was stalled due to decline in the real estate market, was listed for sale by Beny Alagem. The owner purchased the hotel in 2003 from Merv Griffin for $130 million.
Alagem proposed a Waldorf Astoria hotel and two condo towers on the Hilton Hotel site. The project received approval in December 2008, but the development remained stagnant due to the economic downturn. The site is listed with Cushman & Wakefield. For the full story, go to Los Angeles Business Journal.
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