From Bloomberg
Beverly Hilton Gets Investment, Averts Hotel Sale
The Beverly Hilton hotel in Los Angeles received an investment from Howard Marks’s Oaktree Capital Management LP, averting a sale of the landmark property, according to a person with knowledge of the situation. Oaktree, based in Los Angeles, is now a partner with current owner Oasis West Realty LLC, said the person, who asked not to be named because the deal is private. The owners got a new mortgage to replace a $300 million loan that came due last month, according to the person.

The Oaktree investment will enable Oasis to proceed with plans for two residential buildings and an additional luxury hotel at the 9-acre (3.6-hectare) Beverly Hilton site, the person said. The developer last year hired Cushman & Wakefield Sonnenblick Goldman to sell or recapitalize the hotel and surrounding property ahead of the loan’s maturity. Click here for the full story.