Bernard Arnault, chief executive officer, LVMH, in front of 360 N Rodeo Drive (Getty Images, LoopNet/Illustration by Steven Dilakian for The Real Deal)
Former Luxe Hotel at 360 N. Rodeo Drive was recently purchased from the Harkham family for A$280 million. And the unnamed buyer is reportedly revealed to be none other than luxury conglomerate, LVMH.
The Paris-based company that owns Louis Vuitton, Dior, and Tiffany & Co is rumoured to have bought the 86 –room Luxe hotel property for around A$3.2 million per room – one of the largest ever in terms of a per key price in California.
They bought a great piece of real estate. It’s the best luxury street in the world
Newmark Group Inc.’s Jay Luchs, who represented the buyer
Sitting on the famous luxurious retail street in Beverly Hills, the 42,560-square-foot property also includes three high-end retail storefronts currently leased to Rolex, Patek Philippe and Ferrari.
Source: Purse Bop
This latest acquisition cements LVMH’s bricks and mortar presence on the revered retail strip. No less than ten LVMH-owned or leased stores preside on the street including Tiffany & Co, Fendi, Louis Vuitton, Christian Dior, Dior Men’s, Bvlgari, Loro Piana and Celine.
The 2021 purchase follows a string of transactions by the Bernard Arnault-headed company. In 2016 it purchased 420 N. Rodeo Drive that previously housed the iconic yellow House of Bijan boutique, for A$171 million.
Source: The Hollywood Reporter
Two years later in March 2018, they snapped up a 6,200-square-foot retail space at 456 North Rodeo Drive for over A$154 million. In September the same year they, secured a 22,250-square-foot, multi-story building at 468 North Rodeo Drive for over $343 million.
Although LVMH has continued a hefty spending spree on Rodeo Drive real estate in the last few years, other fashion houses such as Chanel and Hermès have acquired its own buildings.
And it’s certainly not the last purchase by LVMH. The luxury powerhouse is said to have plans to build a hotel to complement its stores filling plans for a 115-room property on the corner of Rodeo Drive and South Santa Monica Boulevard.