A luxury high-rise apartment complex will be constructed next to the hotel.
Israeli-American businessman Beny Alagem will invest $80 million in upgrading the Beverly Hilton of Beverly Hills. Alagem purchased the hotel two years ago for $130 million.
The Beverly Hilton traditionally hosts the Golden Globes awards ceremony, as well as many other celebrity-studded entertainment industry events.
Alagem and Oasis West Realty, which he controls, are currently preparing the vacant lot adjacent to the hotel for construction of a luxury high-rise apartment complex.
The apartment complex is being designed by architectural firm Gwathmey Siegel & Associates, which carried out the expansion and renovation of New York's Guggenheim Museum.
Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, December 21, 2005