(New York, NY – August 12, 2021) – Keen-Summit Capital Partners LLC (Keen-Summit) is pleased to announce that its firm has received the 2021 Americas Lodging Investment Summit (ALIS) award for “Single Asset Transaction of the Year (Over $25 Million)” for the sale of L’Ermitage Beverly Hills Hotel (L’Ermitage). The award was given at the annual ALIS, in Los Angeles, California, where executives and companies responsible for the most influential hotel industry deals in 2020 were honored.
The sale of L’Ermitage was one of the largest hospitality transactions of 2020, ultimately selling via court order for $100 million to New York-based EOS Investors LLC. L’Ermitage, a world-class hotel famous for its celebrity draw, was one of the luxury properties embroiled in the 1MDB multi-billion-dollar international money laundering scandal involving financier Jho Low, who allegedly embezzled billions of dollars from a Malaysian development fund. The money was used to buy extravagant properties, a mega yacht, and paintings by Van Gogh and Monet, and even helped to finance the acclaimed motion picture, “The Wolf of Wall Street.” The fallout involved several governments, including the United States, Switzerland, Malaysia, and Singapore.
“We are deeply honored to be recognized with this prestigious award for our firms’ outstanding work on a difficult project that occurred in the midst of the COVID pandemic,” said Harold Bordwin, Co-Principal and Co-Managing Director of Keen-Summit. “As we saw it, this was a rare opportunity for investors as sales of these luxury projects are normally handled privately and seldom made public,” he added.
Matt Bordwin, fellow Co-Principal and Co-Managing Director noted that: “Even in light of pandemic restrictions, we were delighted that we, along with our partners at Vedder Price, were able to successfully navigate and execute this purchase. It occurred despite the fact that the market for hospitality properties was struggling significantly.”
L’Ermitage Beverly Hills Hotel, a 116-suite luxury hotel, underwent a $37 million renovation in 2016, following its acquisition in 2010 by an entity tied to Mr. Low. The United States District Court for the Central District of California, at the request of the U.S. Department of Justice, entered an order authorizing the sale of the hotel. Michael M. Eidelman, Esq., Vedder Price P.C., as Special Master, engaged Keen-Summit to broker the sale. In May 2020, during the COVID quarantine, Keen-Summit initiated a robust marketing plan that leveraged its many industry relationships and proprietary database. They fielded inquiries from more than 1,000 prospects, nearly 800 of whom executed the non-disclosure agreement, and received over 50 offers. The auction took place in August 2020, and the sale closed in October 2020.
About Keen-Summit Capital Partners LLC
Keen-Summit Capital Partners LLC is a real estate brokerage, workout and investment banking firm specializing in special situations, restructurings, bankruptcies and receiverships, with offices in Manhattan and Melville, NY and Chicago IL. Keen-Summit Capital Partners LLC represents property owners, retail and commercial tenants, commercial and industrial businesses, investors, developers, and creditors across various industries. Clients benefit from its reputation for excellence and integrity, extraordinary industry experience, in-depth market knowledge, time-tested business approach, deep industry relationships, workout and bankruptcy expertise, and exceptional execution capabilities. For more information about Keen-Summit Capital Partners, call 646.381.9222 or visit www.keen-summit.com.
