At the gateway to Beverly Hills’ Golden Triangle, where Wilshire Boulevard meets the city’s palm-lined shopping and hotel district, a European luxury hotel group is quietly assembling a redevelopment portfolio.
In its latest and priciest purchase in Beverly Hills, an entity affiliated with Corinthia Hotels International paid $100 million for the office building at 9800 Wilshire Blvd. and an adjoining parking deck, according to CoStar data. The nearly 42,000-square-foot mid-century property, renovated with a glass façade, is occupied by the seller, private equity firm The Gores Group, and a members-only social and coworking club.
The purchase — a deal that ranks among the most expensive office transactions in the past year in Los Angeles County — comes just months after Corinthia bought two hotels in a $35 million deal. The properties, the 44-room Maison 140 hotel and 49-room Mosaic Hotel, adjoin the Wilshire office building.
In a recent investor statement, Corinthia said it plans to redevelop these Beverly Hills properties with backing from investors including Kuwait-based Action Real Estate Co. and The Gores Group. Corinthia said it will retain a minority, preferred stake through its development arm, C-Rev.
“Beverly Hills is one of the world’s foremost hospitality destinations and we are determined to add value and create luxury products and services to the benefit of the local community and our Corinthia brand’s global positioning," CEO Simon Naudi said in a separate statement, in February.
A redevelopment would add to mixed-use projects already underway nearby. The Corinthia assets are just steps from the under-construction One Beverly Hills project with 165,000 square feet of planned retail, an 88-room luxury hotel, 177 condominiums and a public park. It's also near the designer boutiques of Rodeo Drive, world-famous restaurants and luxury hotels including the Beverly Hilton, The Montage and Waldorf Astoria.
Corinthia’s nearly $135 million in acquisitions this year comes against the backdrop of Maybourne Hotel Group’s $415 million purchase of the Montage Beverly Hills in 2019. The more than $2 million-per-room benchmark of that deal shows the payoff potential for luxury redevelopment.
However, the city's rejection of a planned Cheval Blanc hotel — headed by Louis Vuitton parent LVMH — underscores how difficult it can be to bring projects to fruition, according to Carl Muhlstein, a longtime Los Angeles broker and principal at Beverly Hills-based Muhlstein CRE.
Still, the collection of sites is "ideal for a hotel and residential project like 10000 Santa Monica, Rosewood Beverly Hills and the much-anticipated Aman Beverly Hills Hotel," Muhlstein told CoStar News. "Hotels, residences, retail and gardens elevate the market to international status."
Global investment
Corinthia, based in Malta, owns and manages 25 hotels worldwide. In the U.S., Corinthia opened The Surrey on New York’s Upper East Side last year, featuring 100 hotel rooms and 14 private residences.
In Europe, Corinthia completed a $162 million redevelopment of the Grand Hotel Astoria in Brussels and teamed with the Reuben Brothers to turn the former Central Bank of Italy headquarters in Rome into an ultra-luxury hotel.
The company also announced plans this year to operate a 102-story hotel and residential tower under construction in Dubai, expanding its pipeline of large-scale developments in major global cities.
Maison 140, one of Corinthia’s Beverly Hills acquisitions, was built in 1939 as a residence for silent film star Lillian Gish. The Mosaic, built in 1959, is part of the Preferred Hotels & Resorts network.
The office building sold for $2,387 per square foot, well above the average of about $600 per square foot for Beverly Hills office sales. It sits next door to the well-known headquarters of Alo Yoga.
“A portfolio of this scale in Beverly Hills is unusual because owners tend to hold their properties for the long term,” said Catherine Yeh, CoStar director of market analytics for Los Angeles. “The price Maybourne paid for the Montage shows why a group like Corinthia would be willing to spend top dollar for an opportunity to be in this exclusive city."
Luxury living
Beverly Hills has attracted international hotel operators, though new projects have grown more difficult to launch in the face of high construction costs and public pushback, largely regarding traffic concerns.
LVMH paid $245 million for the former Brooks Brothers store in 2018 and pitched plans to convert the site into a five-star Cheval Blanc hotel, but residents voted against it in 2023.
However, the $5 billion One Beverly Hills mixed-use redevelopment is moving forward and will add residences, a hotel and landscaped gardens across 17 acres at the western gateway to the Golden Triangle. More than half of the luxury condominiums in the first One Beverly Hills tower have already been sold, according to Jonathan Goldstein, CEO of Cain International, one of the project's developers.
Development firm Millennium Partners submitted plans to the city of Beverly Hills to redevelop a 20,000-square-foot strip retail center into the city's tallest tower with 227 luxury condos and 22 apartments set aside as affordable housing; 10,574 square feet of ground-floor restaurant space; and a 473-car garage. It's unclear if that project will progress.
Multifamily developments, meanwhile, are scaling new heights across the posh city, with 19 high-rise projects tapping a housing provision to move ahead in Beverly Hills, including a 20-story, 200-unit tower at 8844 Burton Way.
Hotel performance in the Hollywood and Beverly Hills neighborhood has been volatile. Revenue per available room dropped 4.2% in early 2025 from the year prior, following wildfire disruptions, though longer-term recovery is expected with major events such as the 2026 FIFA World Cup and 2028 Summer Olympics coming to Los Angeles.
Occupancy at hotels in Hollywood and Beverly Hills averaged close to 80% before the pandemic but stood at 69.3% as of July as more international tourists stayed closer to home, according to CoStar data.