CHICAGO--(BUSINESS WIRE)--Attorney Michael M. Eidelman, Shareholder and Chair of the Corporate Reorganization, Bankruptcy and Insolvency group at Vedder Price P.C., was recently appointed by the United States District Court for the Central District of California to serve as the Special Master overseeing the sale of the L’Ermitage Beverly Hills hotel. Keen-Summit Capital Partners LLC has been retained as the exclusive real estate advisor to run the sale process.
Entangled in the international money laundering scandal involving the embezzlement of billions of dollars from the Malaysian development fund known as 1MDB, the L’Ermitage Beverly Hills, acquired by Malaysian businessman Taek Jho Low in 2010, is among the assets restrained by the United States to be sold for the benefit of the people harmed by the acts of corruption.
With the assistance of Keen-Summit and lawyers in the litigation, corporate, real estate and insolvency groups at Vedder Price, Mr. Eidelman will run a competitive auction and sale process in accordance with Court approved sale procedures. Bids will be solicited for the hotel in an open and transparent manner, creating a competitive marketplace to maximize value.
The five-star, 116-room boutique hotel is the epitome of Hollywood glamour. Located less than a mile from the storied Rodeo Drive, it notably attracts an elite celebrity clientele. “The L’Ermitage Beverly Hills exudes a luxurious atmosphere and lavish lifestyle at a centrally located hotel,” says Matthew Bordwin, Principal at Keen-Summit Capital Partners LLC, real estate advisors for this offering. “We anticipate this sale to garner a massive amount of attention, not just because of the circumstances, but as a trophy property for hotel operators and investors globally. This sale offers the buyer the chance to own one of the top boutique hotels in Los Angeles.”
As the Court-appointed Special Master in United States of America v. All Business Assets of the Viceroy L’Ermitage Beverly Hills et al., and United States of America v. Real Property Known as Viceroy L’Ermitage Beverly Hills, both of which are currently pending in the United States District Court for the Central District of California, Mr. Eidelman is vested with the exclusive right to oversee the sale process. Keen-Summit Capital Partners LLC was engaged at the time of the appointment as exclusive real estate agents for this offering.
The full offering details are available at www.LErmitageBeverlyHillsSale.com
About Vedder Price
Vedder Price is a thriving, 300-lawyer firm with seven offices worldwide, including Chicago, New York, Washington, DC, London, San Francisco, Los Angeles and Singapore. The firm offers a unique mix of finance, corporate, labor and employment, and litigation skills, including market-leading practices in global transportation finance, middle-market finance/M&A, executive compensation, employment class actions, bankruptcy and more. Vedder Price has enduring relationships with marquee organizations, and many of the firm’s clients have been with the firm since its founding in 1952. For more information, visit www.vedderprice.com.
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 a particular expertise in workouts and restructurings, 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 their 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.