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The Mexican billionaire's Bank Inbursa has sold the parcel to Hong Kong private equity firm Joint Treasure International for $148.3 million. The property, which was the site of the Bev Hills Robinsons-May, had been slated for a condo/hotel development from the Nicholas and Christian Candy. But that was right before the credit meltdown (they bought the site for $500 million in 2007). The plan is to build luxury residences. Looks like they have some players. From the press release:
Joint Treasure was acting on behalf of three of its consortium partners: Chow Tai Fook Group of Hong Kong, the holding company for publicly held New World Group, a well known company with investments ranging from transportation to hotels and department stores; Wee Cho Yaw Family Group of Singapore that invests in banks, commercial properties and hotels; and David Chiu of Far East Consortium International Limited, a commercial property and hotel developer listed on the Hong Kong Stock Exchange.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.