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Wanda Partner Exits $1.2 Billion Condo Project in Beverly Hills [Bloomberg Business News]

Walt Disney Company (The) (DIS) 
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Dalian Wanda Group Co. plans to proceed with a $1.2 billion luxury condominium and hotel complex in Beverly Hills, California, after its development partner, Athens Group, said it exited the project early. Neither Wanda nor Athens would comment on the reasons for the separation, which happened earlier this year and leaves Wanda without a development partner just as condo sales are about to begin. “We are taking this project forward ourselves,” Rohan a’Beckett, deputy general manager of Wanda Beverly Hills Properties LLC, said in a telephone interview. “I can confirm that Athens is not involved in the project anymore.” Athens Group, based in Phoenix, specializes in luxury resorts, urban hotels and related residential properties. Its previous developments include Montage resorts and condos in Southern California and the Four Seasons Resort Hualalai in Hawaii. Jay Newman, chief operating officer of Athens, said the firm provided services to Wanda through May Show less Read more
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