Wanda Group or Dalian Wanda, a Chinese multinational conglomerate based in Beijing, has disposed of a property located at a premier Beverly Hills address to a venture between London-based Cain International and Alagem Capital Group, owned by hotel tycoon Beny Alagem.

The eight-acre land subject of the sale was known as the One Beverly Hills at 9900 Wilshire Boulevard. It used to the location of Robinsons-May, a high-end department store which opened in 1952 and closed in 2006.

Dalian Wanda has made a name in Hollywood when it bought the AMC theater chain for $2.6 billion in 2012. Later, the Chinese conglomerate bought the Legendary Entertainment for $3.5 billion in 2016. The latter is the production house behind big movies such as the Batman franchise.

The One Beverly Hills is nestled among other prime spots in the famous 90210 ZIP code. It boasts a location next to Bel Air, Rodeo Drive, and Century City. It is nearby the Waldorf Astoria and Beverly Hilton Hotels. It would only reasonable that ownership now belongs to a venture between Cain International and Alagem Capital Group which earlier this year also acquired stakes in Waldorf Astoria and The Beverly Hilton hotels.

With the purchase of One Beverly Hills, the venture now owned 17 acres of neighboring properties and more than one million square feet of developable property right in the center of the luxurious Beverly Hills. 

Cain International and Alagem Capital Group said in its announcement that specific terms of the deal are expected to be finalized before November ends. The exact amount of its acquisition was not disclosed in public but the Wall Street Journal pegged it at more than $420 million.

Cain and Alagem did not share what it plans to construct in the property but Wanda, before giving it up, had secured approvals for a hotel that would have contained 134 rooms and more than 190 condominiums. The building was designed by renowned architect Richard Meier who was also the brain behind the Getty Center.

Donald Wise, a hotel industry consultant told the Los Angeles Times that Alagem and Cain were the most logical buyers for the prime Beverly Hills spot. He, however, advised the new owners to be patient when it comes to revenue as the condominium units will not sell out until 2024 to 2025.

Canadian real state Tripe Five Group had reportedly bid for the property but was discouraged by the vast amount needed to develop the property and was compelled to bow out from its discussions with Wanda Group.