Pink and Posh Beverly Hills Hotel Up for Sale
Oct. 25, 1986
BEVERLY HILLS, Calif. (AP) _ The Beverly Hills Hotel, pink and posh with its famed Polo Lounge celebrity watering hole, is up for sale to the highest bidder, a real estate agent says.
There is no asking price, but estimates of its worth range from $150 million to $250 million.
Since it came on the market two weeks ago, real estate agent William S. Bahrenburg Jr. said potential buyers have been flooding his New York office with inquiries. He described the interest as a ''feeding frenzy.''
''Sharks, whales, blowfish, you name it, they're coming from all over and in all shapes and sizes,'' said Bahrenburg, president of Morgan Stanley Realty Co., which is handling the sale.
Interest in the 12-acre resort on Sunset Boulevard has been kindled by its one-of-a-kind attractiveness. The hotel will celebrate its 75th birthday next year, but some of those who have inquired don't plan on keeping it a hotel.
Potential buyers include asset collectors, a small number of syndicators, a group of domestic and foreign hotel operators who want a Los Angeles area flagship and other foreign investors, particularly from the Far East, Bahrenburg said.
''Because of the scarcity value, we are marketing it like the Hope Diamond,'' he said. ''We are running an auction, and all offers must be in by late November with closing by year's end.''
The hotel is curently owned by the Slatkin family, with most of the operations run by industrialist Ivan Boesky, whose wife, Seema, is a Slatkin.
''Their motivation for selling is one of the president signing the tax bill,'' Bahrenburg said. ''The Slatkin family has held the property for a long time (30 years), and there will be many millions of dollars difference (in what the sellers will get) if they sell now as opposed to later, because there will be substantial capital gains.''