A sprawling, high-end mixed-use project has started construction in Beverly Hills, California, one of the nation's most affluent regions with hotel rates that are more than twice the country's average.
The roughly 17-acre project called One Beverly Hills is expected to include a 78-key Aman hotel, for-sale homes, a members club and 10 acres of botanical gardens, according to a statement.
Both hotels and homes are in high demand in Beverly Hills, located in Los Angeles County's Westside. The Hollywood-Beverly Hills hospitality market has an average daily rate of $314 per night, well above the greater Los Angeles average of $181 per night and the country's average of $155 per night, according to CoStar data. There are more than two dozen homes for sale in excess of $10 million in Beverly Hills, according to Homes.com.
Switzerland-based Aman Group — a luxury hospitality firm that equates its global properties to "sanctuaries," according to its website — has partnered with several companies for the project, including London-based investment firm Cain International, Miami-based OKO Group and Virginia-based Hilton.
The project is expected to connect the Beverly Hilton and Waldorf Astoria hotels in Beverly Hills.
The 10-story Aman hotel is designed to have 78 rooms and a 100,000-square-foot members club. Upgrades also are planned for the Beverly Hilton.
One Beverly Hills, designed by architectural firm Foster + Partners and Kerry Hill Architects, is anticipated to generate 2,700 construction jobs.