Five years ago, the city said that the building was structurally unsafe.
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The most visible of those structures is the Beverly Theater, a 1920's movie house with onion-shaped domes inspired by the Taj Mahal, and now fronted by an incongruous entryway of black glass added in the 1980's.Īfter the theater closed in the 1970's, the building served as a clothing store and a discount bank before shutting its doors in the early 1990's.
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Altogether, those hotels had an average occupancy of 77.9 percent and an average daily rate of $468.39 at the end of the first quarter of the year.įor the city, the project solves a problem that had irked city officials for more than a decade: how to remove the empty and unusable buildings on the site. Montage will compete with at least eight other luxury hotels in Beverly Hills, Santa Monica to the west and Los Angeles, according to the Los Angeles office of PKF Consulting, the national hotel consultancy. "Beverly Hills is synonymous with luxury hotels," said Alan Fuerstman, chief executive of Montage Hotels and Resorts. It also expects to raise $5.26 million annually in combined tax and parking revenue and commercial rent from the city-owned building by 2011, about 30 months after the hotel has opened, when occupancy levels are expected to stabilize, according to Keyser Marston Associates, a consulting firm based in San Francisco.Īlthough the city imposed some extra costs on the Montage, the developers said the high toll was worth paying to gain the right to enter the Beverly Hills hotel market with an extra-dense project in the center of downtown. The city expects to benefit from tax revenue from the hotel, including 5 percent tacked onto the existing 14 percent hotel-room tax. The actual cost to the developers is likely to exceed $52 million, however, because of the rapidly rising cost of construction materials, according to Jay Newman, chief operating officer of the Athens Group. To pay for these public projects, the city is contributing $32 million, an amount that was capped last year in negotiations between the city and the developers. The developer also plans to donate a four-level parking structure directly beneath the hotel to the city in 2006, after the city approves the design. Its development is being harnessed to the creation of a set of public amenities, including a 30,000-square-foot public park and a 27,000-square-foot commercial building on adjoining land owned by the city, where the rent will be paid to the municipality. City officials have long sought a project like the Montage to replace a row of derelict buildings that sit incongruously within the Golden Triangle.īeyond cleaning up a public eyesore, the Montage has further importance to the city. The project is a venture of Montage Hotels and Resorts of Laguna Beach, Calif., and the Athens Group of Los Angeles.Ī luxury hotel like the Montage might seem like an easy winner in Beverly Hills, where high-priced hotels are as much a part of the civic image as tall, swaying palms and emerald-green lawns. With the vote behind them and a building permit firmly in hand, the developers of the Montage plan to start clearing an eight-acre site this summer for the 214-room seven-story hotel in the city's high-rent commercial district, known as the Golden Triangle. BEVERLY HILLS, Calif., May 10 - Winning the right to build has never been easy in this affluent city, but few projects have weathered as strong a challenge as the proposed Montage Hotel, a $211 million project that survived a well-financed opposition campaign in a municipal election in March.
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