Here's Why The World's Richest Man Has Ditched His Plans To Build A Luxury Hotel In Beverly Hills
Portfolio Pulse from Bibhu Pattnaik
Bernard Arnault, CEO of LVMH Moet Hennessy Louis Vuitton (OTCPK: LVMHF), has scrapped plans to build a luxury hotel in Beverly Hills after residents voted against the project. The hotel was projected to generate about $800 million over 30 years for Beverly Hills.
May 28, 2023 | 5:01 pm
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LVMH's plans to build a luxury hotel in Beverly Hills have been scrapped after residents voted against the project, potentially impacting the company's expansion strategy.
The cancellation of the luxury hotel project in Beverly Hills may have a negative impact on LVMH's expansion strategy in the short term. The hotel was projected to generate about $800 million over 30 years for Beverly Hills, which would have been a significant revenue stream for the company. The residents' vote against the project indicates potential challenges for LVMH in expanding its presence in the area.
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