Path Cleared for $1 Billion Cheval Blanc Ultra-Luxury HotelNovember 3, 2022 – Media Mention
Real Estate Partners Bob Baradaran and Henry Finkelstein represented the City of Beverly Hills in the negotiation of the development agreement for the $1 billion dollar Cheval Blanc hotel on Rodeo Drive in the heart of the Beverly Hills golden triangle business district. Cheval Blanc is an ultra-luxury hotel plus retail and private club to be developed by LVMH Moët Hennessy Louis Vuitton.
Henry Finkelstein, a Greenberg Glusker lawyer who presided over project negotiations, extrapolated a revenue estimate over 30 years of $778 million.
Finkelstein said the developer made “unusual commitments” on “land they already own.”
Other cities would have to subsidize LVMH to build such a project, Finkelstein said, whereas the cachet of Beverly Hills gives the city the upper hand.
“I think it is fair to say this is the only city in the world that could have made this deal,” Finkelstein said.