Louis Vuitton, is ramping up activity in the hospitality sector, eyeing three recently purchased properties on and around Rodeo Drive in Beverly Hills for the opening of a Cheval Blanc hotel.
In March 2018, LVMH bought a 6,200-square-foot empty retail space at 456 North Rodeo Drive for $110 million. Then, in September, the luxury powerhouse headed by billionaire Bernard Arnault purchased 468 North Rodeo Drive, the massive 22,250-square-foot, multistory building at the corner of Santa Monica Boulevard that was previously occupied by Brooks Brothers, for $245 million from the trust of the family of Margaret J. Anderson, who built the pink stucco Beverly Hills Hotel. In November, LVMH scooped up the 26,523-square-foot Paley Center for Media museum behind the store, at 465 North Beverly Drive, from New York private real estate investment firm Jenel Management for $80 million. Continue reading