BEVERLY HILLS, CALIFORNIA Oasis West Realty, owners of the landmark Beverly Hilton, are exploring a possible sale of the 569-key hotel.
The ownership group tells The Los Angeles Times that it has hired broker Cushman & Wakefield Sonnenblick Goldman to test the market for a potential sale.
Oasis has not set a price, but the eight-acre parcel next door at 9900 Wilshire Blvd. sold for US$148 million last month to investors from Hong Kong and Singapore. The buyers intend to build luxury condominiums on the site formerly occupied by a department store.
Oasis also owns a neighboring nine-acre parcel on which a 170-key luxury hotel has approval to be built. Oasis plans to proceed with the development if it does not sell Beverly Hilton within a couple years, the newspaper reports.
Oasis acquired the hotel in 2002 for a reported US$130 million. It has spent an additional US$81 million on renovations to the property.