The Wanda Group, reportedly China's largest commercial property company, has announced the launch of One Beverly Hills, a luxury hotel and residential project at the western gateway of Beverly Hills. Last year, Wanda reportedly bested more than 10 bidders from Asia and North America for the project.
Previously entitled by the Beverly Hills City Council, the development of the former Robinsons-May property located at 9900 Wilshire Boulevard has been expanded to include a 134-room luxury boutique hotel, 193 residences and new public gardens and open space. The Athens Group is a development partner, and the expansion will be under the eye of Richard Meier & Partners Architects.
According to PKF Consulting, One Beverly Hills is projected to generate an estimated $6.9 million a year in direct revenues to the City at stabilization of the hotel and over $84 million over its first ten years of operation. This is a projected increase of more than $4.2 million per year of direct revenues from the previously approved project and an increase of more than $65.4 million of direct revenues over the first ten years of operation over the previously approved project.
One Beverly Hills will reduce the number of residences from the currently approved project by 42 residences and now complements them with a 134-room luxury boutique hotel in the South Building on Santa Monica Boulevard. There will be no change in the height or density of the entitled development.