Beverly Hills residents will vote on whether to approve the $2,000 a night hotel on Rodeo Drive that would dominate the northern side of the Golden Triangle.
Chanel store, Fendi, Dior, Louis Vuitton, Burberry, Tom Ford, Loewe, Giorgio Armani, Gucci, Loro Piana, Prada, Ralph Lauren, Saint Laurent and Versace. Several of them are owned by LVMH, the Paris-based luxury powerhouse whose revenues last year totaled $87 billion.
Affordable housing is the issue Unite Here Local 11 said it feels was not addressed when the development was approved and why it currently opposes the project. “We watch municipalities change development rules to make it easier to build luxury commercial projects like hotels, but they do not always do this for housing,” said Danielle Wilson, a research analyst with Unite Here Local 11.
“This is honestly, truly a no-brainer,” said Kathy Gohari, the boutique director at Audemars Piguet and the president of the Rodeo Drive Committee. “For decades, Rodeo Drive has had an amazing anchor with the Beverly Wilshire Hotel on the south. But one of our most important blocks [on the north] on Rodeo Drive has never flourished. What better partner than Cheval Blanc to do that?”
Lili Bosse, Beverly Hills’ mayor when the project was approved last November and a current city councilmember, believes this multimillion development, whose total cost has not been revealed, is just what Rodeo Drive needs to burnish its image and guarantee future revenue. The hotel should generate some $778 million in unrestricted funding over the next 30 years, $26 million in non-earmarked funds and $2 million to support local art and culture.
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