With an eye on Hollywood, China’s Wanda Group has outbid over 10 bidders to acquire 9900 Wilshire Boulevard, the site of the former Robinsons-May department store in Beverly Hills.
The eight-acre parcel is located in a highly desirable section of Wilshire, adjacent to the famous Beverly Hilton Hotel, the site of the Golden Globe awards.
Wanda said the project, “is expected to aid in China’s entry into Hollywood’s film industry and generally promote Chinese culture abroad.”
While the sales price was not disclosed, the company indicated that it will invest $1.2 billion into developing the site.
Wanda announced that it will also set up a Los Angeles office to handle entertainment-related investments, including “local film production companies or global theatrical releases”.
Wanda has been trying to raise its profile in Hollywood. It donated $20 million last year to the Academy of Motion Picture Arts and Sciences’ new film museum on the LACMA campus, according to The Los Angeles Times. In return, the museum’s film history gallery will be named the Wanda Gallery.
Wanda bought AMC, the largest theater chain in the US two years ago in a $2.6bn deal. The company has made a number of overseas real estate deals including a luxury hotel in London, a 28-story skyscraper in Madrid, and a Chicago skyscraper.
Wanda said it will invest in more five-star hotel projects in New York, Los Angeles and San Francisco within the year.
image credit: alan light