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Investors Form Partnership on $1B Waldorf Astoria, Beverly Hilton
Alagem Capital Group formed an investment partnership with Cain International on a pair of Los Angeles properties, the Waldorf Astoria Beverly Hills and the Beverly Hilton. The partnership values the combined properties at more than $1 billion. Specific terms of the partnership were not disclosed. The deal marks the first of its kind between the two companies.
Alagem’s Beny Alagem says, “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.
Now in its second year of operation, the Waldorf Astoria Beverly Hills has raised the bar for luxury hotels in Southern California. Over the Beverly Hilton’s 63-year legacy, it has been renowned for its high profile entertainment, charitable and political events, such as the Golden Globe Awards and the Milken Institute Global Conference.
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