New York: Bernard Arnault, the world’s richest man, will scrap a plan to build a luxury hotel in Beverly Hills after residents in the wealthy city appeared to vote against the project.
While some votes remain to be counted, LVMH Moet Hennessy Louis Vuitton confirmed that two measures on the Cheval Blanc Beverly Hills project have fallen short by a “narrow margin,” according to a statement late Friday by spokesperson Jessica Miller.
Arnault had planned to build an ultra-luxury boutique hotel and private members’ club on Rodeo Drive. Supporters of the hotel project had said taxes and other payments would generate about $800 million over 30 years for Beverly Hills, while critics argued the building would obstruct views and contribute to traffic congestion.
“The election results - if they hold - show that Beverly Hills is more than just a brand to be monetized,” John Mirisch, a city council member who opposed the project, said in an email Friday. “It’s our home.”