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Article: Developer angling to build new five-star hotel in Beverly Hills. (Up Front).(Athens Group negotiates with Lexington Commercial Holdings to buy several buildings)
- Article from:
- Los Angeles Business Journal
- Article date:
- December 9, 2002
- Author:
CopyrightCOPYRIGHT 2002 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Beverly Hills has not had a ritzy hotel built in the area for 10 years, but city officials are banking on a $200 million project to bring a new five-star facility to town.
The Athens Group, a Phoenix-based developer of luxury hotels, is negotiating with Lexington Commercial Holdings to buy several buildings on Canon and Beverly Drives just north of Wilshire Boulevard and develop a 228-room hotel that would be topped with two stories of luxury condominiums encompassing 72,000 square feet. It would be located one block from Wolfgang Puck's Spago restaurant.
"In terms of prestigious locations, there is no doubt that Beverly Hills would be the place," said ...