It's Beverly Hills and just about everything gets a "lift" now and then. While 120 private residences in three distinct buildings will be a major addition to this area, the new-er Beverly Hilton with the addition of the 120-room Waldorf-Astoria Hotel encompassing 9 acres will be just the right "lift" Beverly Hills needs. When you think about it, the corner of Wilshire and Santa Monicahas long awaited an improvement for it is seriously lacking an aesthetically appealing outer core. But with the addition of apparently 500% more open space and gardens, improved pedestrian and traffic flow, I myself am relieved to know that beautification of some sort is on its way. In addition, one would believe, after reading the news release(http://phx.corporate-ir.net/phoenix.zhtml?c=88577&p=irol-newsArticle_Pri...) from the Hilton Hotels Corporation that neighborhood and environmental concerns have been addressed-albeit ever so small an improvement.

The condo-hotel phenomenon actually erupted back in the early 1990’s when lenders were not financing hotel projects at the rates they are now.  Lenders would only finance 50% to 60% of a project making it harder for builders to begin development.  This spurred the concept of actually selling some of the units as condos to provide additional financing for the rest of the project.  As prices began to soar in the coastal cities, condo-hotel units became an irresistible investment opportunity.  Owning a condo on the beach, earning rapid appreciation in value, and covering the costs with rental payments the rest of the year was a formula that made perfect sense. 

 

On the evening of April 8, 2008, Donald Trump will announce the opening of Trump Tower 2 in Las Vegas on the Apprentice Show. When The Apprentice announced Tower 1 at the end of 2004, they reserved over half the building in a matter of days!