The posh L'Ermitage Hotel in Beverly Hills, a favorite resting spot for celebrities and wealthy business people, has been sold to a New York-based investment partnership for an estimated $12 million.
The investment group, La Hotel Properties Inc., purchased the property from Mission Viejo-based Independence One Bank of California.
The deal closed at the end of December, bank President Edward H. Sondker said.
The 112-unit, all-suite hotel has been the focus of several lawsuits since 1986, when the partnership that used to own it filed for Chapter 11 bankruptcy protection in an attempt to fend off foreclosure by Beverly Hills Savings & Loan.
