Rosewood Property Co

The Texas oil baron's daughter who bought Los Angeles' luxurious Hotel Bel-Air in 1982 has put the property on the block, and real estate experts said the price could reach astronomical levels. Dallas-based Rosewood Property Co., formed by Caroline Rose Hunt, said it is selling the 92-room hotel--patronized frequently by movie stars and other celebrities--because it believes that the move will "realize an outstanding profit." Rosewood bought the hotel from the Joseph H.

The Texas oil baron's daughter who bought Los Angeles' luxurious Hotel Bel-Air in 1982 has put the property on the block, and real estate experts said the price could reach astronomical levels. Dallas-based Rosewood Property Co., formed by Caroline Rose Hunt, said it is selling the 92-room hotel--patronized frequently by movie stars and other celebrities--because it believes that the move will "realize an outstanding profit." Rosewood bought the hotel from the Joseph H.

The prestigious Hotel Bel-Air--gathering place for some of Hollywood's top stars and motion picture executives--is being sold to a Japanese investment group for more than $100 million, the hotel's current owners announced this morning. The per-room purchase price of more than $1 million shatters the old record of more than $750,000 per room, established when the Sultan of Brunei bought the nearby 260-room Beverly Hills Hotel for about $185 million in 1957. Laurie Farmer, a spokeswoman for the Caroline Rose Hunt Trust, which purchased the 11-acre property in the exclusive Stone Canyon residential neighborhood near UCLA in 1982 for $22.1 million, said the sale should be completed sometime later this month.

Along with the sounds of Hauoli Makahiki Hou, Hawaiian for Happy New Year, come these island items. From Maui: MIKE LOVE of the Beach Boys has purchased the home of CHARLES and ANNE MORROW LINDBERGH. Love bought the 5-acre estate, down a twisting, scenic road a few miles from the remote village of Hana, from the aviator's widow for about $1 million, said a Maui realty source. The property had been listed at $1.5 million.

When Hasegawa General Store collapsed in a suspicious predawn fire last month, Hana felt like it had lost a member of the family. Townspeople came all week to pay their respects. "Part of the heart of Hana died with that store," sighed Bob Vogele, head of the Hana Community Assn. For three generations, Hasegawa General Store has been this remote Hawaiian town's lifeline to the world, supplying everything from poi to pick axes. Overnight, it was gone.

The legendary Hotel Bel-Air, a bougainvillea-bordered haven for show business celebrities and European royalty seeking privacy and elegance, is being sold to a Japanese investment group for more than $100 million, the hotel's current owners announced Monday. The per-room purchase price of more than $1.2 million shatters the old record of about $757,000 per room, established when the Sultan of Brunei bought the nearby 260-room Beverly Hills Hotel for about $200 million in 1987. Investor Donald Trump paid $496,000 a room when he bought New York's Plaza Hotel last year.

Oil heiress Caroline Rose Hunt was stunned, the story goes, when she got four offers in April for her 92-room Hotel Bel-Air at more than $1 million a room. Never before had a hotel in the United States sold at the $1-million-a-room mark, and Hunt thought her 1940s landmark was only worth in the $600,000-a-room range, said Chris Leinberger of Robert Charles Lesser & Co., a Los Angeles-based real estate consulting firm. A Tokyo company, Sekitei Kaihatsu, closed escrow in late May at a total purchase price of about $110 million, or $1.1 million a room.