BEVERLY HILLS, CALIF. — Cain International and Eldridge Industries have secured a $300 million investment from VICI Properties Inc. (NYSE: VICI) for the development of One Beverly Hills, a luxury mixed-use development located in the Los Angeles County community of Beverly Hills.
Construction on One Beverly Hills, which was originally announced in 2021, is currently underway with recent local coverage valuing the development at $5 billion. Foster + Partners master-planned the 17.5-acre project, which will include hospitality, residential, retail and restaurant space.
One Beverly Hills will be anchored by a luxury Aman-branded hotel and two Aman-branded residential towers designed by Kerry Hill Architects. The hotel will offer 78 all-suite guest rooms overlooking the Los Angeles Country Club. The three towers will offer access to private gardens and a 100,000-square-foot Aman Club, the brand’s private membership club offering wellness, dining and social spaces.
The project will also include a full-scale refurbishment of The Beverly Hilton, an iconic hotel that hosts the Golden Globes awards show and Milken Institute conference annually. Renovations are being led by David Collins Studio and will integrate designs that play homage to the property’s legacy.
One Beverly Hills will also include curated luxury retail and dining space to complement the nearby Rodeo Drive shopping district. The development will also feature over 10 acres of walkable botanical gardens and open space designed by landscape architect Mario Rios. The project is scheduled for completion in late 2027.
The mezzanine loan from VICI was funded through a combination of cash on-hand and funds from an existing revolving credit facility. The partnership between VICI, Cain International and Eldridge is seeking additional experiential investment opportunities moving forward.
Cain International is an alternative asset manager specializing in real estate investment solutions. As of last fall, the firm held $17.7 billion in assets under management through its real estate equity, credit and private equity platforms.
Miami-based Eldridge Industries is the majority owner of Cain International and invests in businesses across several industries, including insurance, asset management, technology, mobility, sports and gaming, media and music, real estate and consumer landscapes.
New York City-based VICI Properties is a real estate investment trust (REIT) that owns 93 experiential assets across the United States and Canada. The firm’s portfolio includes Caesars Palace, MGM Grand and the Venetian Resort in Las Vegas.
VICI’s stock price closed at $30.48 per share on Wednesday, Feb. 19, up from $27.94 one year ago.
— Katie Sloan