Tourists visit Rodeo Drive in Beverly Hills. (Nick Ut / Associated Press )
A Pennsylvania developer spent $85 million on a Beverly Hills apartment complex it plans to turn into a luxurious extended-stay hotel.
Korman Communities bought the Crescent Beverly Hills apartments from C-III Capital Asset Management. The upscale apartments at 155 N. Crescent Drive were completed in 2006.
When the property reopens this summer, it will be called AKA Beverly Hills. Rent for the AKA’s 88 suites will start at about $400 a night and guests must agree to stay a minimum of 30 days, Korman said.
Renovation plans include an upgraded lobby and the addition of a lounge, café, fitness center and outdoor space for residents’ use.
“AKA Beverly Hills marks our first venture on the West Coast and is part of our overall vision of expanding domestically and abroad," said Larry Korman, principal of AKA and Korman Communities. “Beverly Hills provides the perfect location to introduce Los Angeles to AKA.”
There are AKA extended-stay hotels in New York, Philadelphia and Washington, D.C., catering to affluent international leisure and business travelers and upscale consumers, Korman said.
Over the next three to five years, Korman Communities plans to add eight to 12 properties to the AKA portfolio in New York, Washington, Los Angeles and London, Korman said. The company, which is based near Philadelphia, plans to spend as much as $300 million in each market.
Korman’s financial partners in Beverly Hills are Blackrock Realty Advisors and the California State Teachers’ Retirement System.
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