BEVERLY HILLS, CA— Hilton Hotels Corp. and Oasis West Realty, LLC, plan to build a 120-room Waldorf-Astoria Hotel on the nine-acre site of the Beverly Hilton Hotel, both of which to be managed by Hilton. The plan is part of a larger $500 million undertaking on the part of Oasis West to maximize the real estate potential of the Beverly Hilton site. In addition to the new Waldorf, the first for the emerging luxury brand on the West Coast, the redevelopment will include 120 new luxury residences located in three new buildings on the property. Neither Hilton nor Oasis West indicated a completion date for the construction, though an architect, Gwathmey Siegel & Associates, was named for the new Waldorf. Hilton established the Waldorf brand a year ago in an effort to expand on the reputation of the existing Waldorf, a New York icon. In the months since, Hilton said it would build Waldorfs in two other U.S. destinations–Orlando and Las Vegas. In addition to a new Waldorf brand, Hilton last year created The Waldorf-Astoria Collection to manage luxury properties not branded Waldorf. The first three properties to join the Collection–The Arizona Biltmore Resort & Spa in Phoenix, The La Quinta Resort & Club in La Quinta, CA, and The Grand Wailea Resort Hotel & Spa in Maui–have been owned by CNL Hotels & Resorts. CNL Last week agreed to sell them along with five other upper upscale and luxury properties to Morgan Stanley Real Estate $6.6 billion.
