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The L’Hermitage Hotel is sold for at least $ 100 million

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The L'Hermitage Hotel is sold for at least $ 100 million

The bidding has begun at the auction of Viceroy L’Ermitage Beverly Hills, a legendary hotel last owned by a high Malaysian investor now in the middle of the lam after being accused of embezzling billions of dollars from his country’s government.

This low-end boutique hotel has been known as a celebrity residence for decades, where people like Elizabeth Taylor, Richard Burton, and Laurence Olivier sleep at night and eat at fancy French restaurants.

It will sell for at least $ 100 million, federal representatives say Thursday, or maybe more at an auction set for August 19.

Since opening in 1975, L’Ermitage has had a series of owners – most recently the U.S. government, who moved to take it in 2016 from Malaysian financier Jho Low. Federal investigators say Low bought hotels and other properties, including Hollywood Hills mansions, with embezzled money from Malaysian government funds intended to spur economic development in the Southeast Asian nation.

In 2012, Low turned around when he dropped $ 38.98 million on his Hollywood Hills plantation, redefining what a house can sell in a celebrity-filled Bird Streets neighborhood. Federal authorities confiscated the property and sold it for $ 18.5 million in March.

Low was accused of being the mastermind behind the scheme to plunder $ 4.5 billion from a fund known as 1Malaysia Development Berhad, money that should have been used to invest in real estate, Middle Eastern oil and other sectors. Low has denied any wrongdoing but is on the run from Malaysian and US authorities.

In Los Angeles, Low is known as a high roller partying with Paris Hilton and pouring $ 100 million into Martin Scorsese’s film “The Wolf of Wall Street.”

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The L’Emitage stands eight floors in a residential neighborhood on the Burton Way and is modest on the outside but luxurious on the inside.

The $ 37 million renovation completed in 2016 helped maintain the coveted five-star rating of the Forbes Travel Guide that has been held since 2000. 116 rooms are all suites, including a 3,328 square foot presidential suite that includes five balconies, a Steinway grand piano, dining room formal, nest and kitchen.

The hotel has a rooftop swimming pool with views of Hollywood Hills, a spa, and a restaurant and bar called Avec Nous. The marble bathroom has a television inset in the mirror. Nightly rates start at around $ 500.

L’Ermitage is operated by luxury hotelier Viceroy Hotels & Resorts, and the new owner needs to decide whether to continue the relationship.

The interest of potential buyers is “extraordinary,” said Matthew Bordwin of Keen-Summit Capital Partners, who conducts sales on behalf of special masters appointed by the U.S. District Court. for the Central District of California.

“This is a unique and special property,” Bordwin said. “We have a large number of qualified offers.”

Bordwin announced on Thursday that Special Master Michael M. Eidelman had accepted the “stalking horse” bidder – an entity chosen to submit an initial bid – which set the number of future bidders to be $ 100 million. Bordwin declined to identify the bidder outside saying it was “a smart real estate investor with a hospitality experience.”

The stalker bidder will buy the hotel for $ 100 million if there is no higher bid at the auction next month. A higher bid must start at $ 104 million, said Bordwin, who will spend the next few weeks putting other potential buyers through the qualification process to prove they can afford what they have to offer.

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Usually bidders will compete in a face-to-face room for such auctions, he said, but because of the COVID-19 pandemic the sale will be done by online video chat being limited to participants.

Low bought a hotel for $ 46 million in 2010, when the market was still depressed after the Great Recession. The previous owner paid $ 68 million in 2000.

The hotel market is under pressure now, hobbled by a pandemic, which has dampened travel around the world, industry analyst Alan Reay said. Hotel sales in California fell 90% from April 1 to mid-June compared with the same period last year, he said, “so for all intents and purposes, the market has stopped selling completely.”

One of the last large luxury hotel sales in the region was a $ 415 million purchase at Montage Beverly Hills in December by Maybourne Group, a London company that was renamed Maybourne Beverly Hills. At a price of more than $ 2 million per room, the price is a record for California hotel sales, Reay said.

At the same price, L’Ermitage will sell more than $ 230 million, but with the knees of the hotel market during the pandemic, it may be sold at a cheaper price and to someone who doesn’t even want to run the hotel, Reay said.

Many hotel buyers today plan to convert their property to other uses such as housing, he said. “I would not be surprised if a major buyer sees a condo.”

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Portuguese surfer to stop competing due to mental health issues

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Portuguese surfer to stop competing due to mental health issues

O Surfer Vasco Ribeiro announced this Friday that he will not compete for some time. The athlete justified the decision with his own mental health.

Via social media, Vasco Ribeiro admitted that he had a tiring year when he was forced to seek help.

“I started competing when I was only nine years old and in the first race I started winning. In my career, everything happened very quickly, intensively and successfully, ”he began.

The athlete spoke about the exactingness to the result, which puts pressure on any athlete.

“As long as we’re winning, everything seems easy and we often don’t realize how difficult the life of a high-performing athlete is. one more to manage. I had little desire to do what matters most to me and so it was time to seek professional help to be able one day to fight for my dreams again,” he wrote.

“I decided that the most important thing right now is to focus and invest time in my mental health, because everything else starts with it: stability, family, friends, results, etc. This is my commitment and I have two beautiful daughters , which are my biggest drive and motivation for this new phase,” he added.

Vasco Ribeiro, aged 27, was national champion in various categories, European champion and junior world champion in surfing.

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Daymé Arocena launches samba in Portuguese produced by Kassin

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Daymé Arocena

Daymé Arocena – Dancing and flying

The highlight of the new Cuban afro-jazz scene, singer-songwriter Daimyo of the Arocene dives into samba for the first time with a single entirely in Portuguese. “Dance and Fly” about freedom through art and produced Bag. This is the release from brownswood records.

Listen to “Dance and Fly”: https://daymearocena.lnk.to/DancareVoarPR

Watch the viewer “Dance and fly”: https://youtu.be/QasSLpth5iM

Inspired by the desire to get closer to people during self-isolation, the song became a source of complete joy for the artist. “Dance and Fly” gave me the energy to be happy again, to be positive again, and I will always be grateful for this song. To be able to have this element to cleanse my soul of sadness, because music is like that, music has such power.”says the artist.

Produced between Puerto Rico and Rio de Janeiro, the composition Arocena learned from Cassin, one of the top Brazilian music producers of recent decades, who immersed himself in a samba ballad inspired by artists such as Javan, Lueji Moon, Ed Motta e Gal Costa. The group was formed by Kasin on bass along with great musicians: Danilo Andrade (keyboards), David Moraes (guitar), Alexander Siqueira (drums) and Daniel Conceicao (drums).

With four studio albums in his solo career, Daime, despite being only 30 years old, has already established himself as one of the main names of new Latin American jazz, using his music as an expression of his roots, faith and soul. Currently living in Puerto Rico and inspired by the Caribbean culture, the artist is preparing new releases.

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Subscribe to Arocene Daime: https://www.instagram.com/daymearocena

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“The Portuguese real estate market is still very fragmented, complex and offline,” says Casavo VP Investment.

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“The Portuguese real estate market is still very fragmented, complex and offline,” says Casavo VP Investment.

The real estate market is constantly changing, with increasingly demanding clients and an increasingly limited supply. New technologies have become indispensable tools for companies to use them to grow in this market, which, according to Duarte Ferreira dos Santos, vice president of investment in Lisbon at Casavo, “still remains very fragmented, complex and autonomous” .

In an interview with Executive Digest, Duarte Ferreira dos Santos believes that despite the momentum that the pandemic has given to the digitization of the real estate sector, the real estate industry is still characterized by traditional, autonomous and very dependent on bureaucratic and physical processes. In his opinion, the technological solutions that have emerged in recent years allow streamlining processes, making the real estate market faster, simpler and more uncomplicated, and improving the experience of all stakeholders, whether they are buyers, sellers, landlords, tenants or even real estate agents.

Portuguese real estate market.

“The Portuguese housing market, especially in the Lisbon metropolitan area, has an interesting transactional dimension as a result of the cultural preference to buy a house rather than rent it. In addition, the housing stock in the capital is very old and obsolete, the vast majority of houses were built before the 1980s,” he explains.

To respond to an aging supply, by renovating the houses that Casavo buys, they contribute to refurbishing old buildings in the city and making them more energy efficient.

“The Portuguese real estate market, like other markets in Southern Europe, continues to be very fragmented, complex and autonomous, despite the fact that the pandemic has accelerated the change in customer behavior towards the adoption of a digital channel.” Duarte Ferreira dos Santos believes that much remains to be done in this aspect, namely in the introduction of digital tools to make the market more transparent and improve interaction with buyers and sellers.

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400 million euros for business scaling

Casavo recently raised a new €400 million investment round, which includes a €100 million Series D round and a €300 million credit line.

“The total amount raised by Casavo will be used to scale the business and strengthen its leadership in Europe. This combination of equity and debt is a recognition of our strong growth and investor confidence in our long-term vision. This round will allow us to strengthen our leadership in Europe by growing in markets we already operate in, namely Portugal, Spain and Italy, as well as expanding into new markets where France is a priority.”

A tool that allows you to instantly evaluate real estate

In this context, the VP of Investment explains that Casavo provides a tool that allows sellers to instantly value their property. “Casavo can submit an offer in 48 hours and complete a purchase in a matter of days in a single visit… Through the use of a proprietary algorithm, Casavo ensures that the submitted offer is fair and based on objective criteria.”

On the other hand, for those who want to buy a house, Casavo presents a portfolio of ready-to-live-in properties with high energy efficiency and modern and attractive design, which can be found on the platform and viewed remotely using immersive technology. .

The future of the real estate market in Portugal

Looking to the future, Duarte Ferreira dos Santos believes that “due to the lack of supply of new construction and the high demand caused by the needs of families after the pandemic, we do not expect the market for refurbished homes to be significantly affected by the situation we are facing, especially in homes , prices for which correspond to the income of the Portuguese.

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However, he sees a slowdown that could be due not only to the rise in the cost of living for families associated with the current geopolitical context, but also to the increase in Euribor rates and the new rules that the Bank of Portugal has applied to housing. loans, which can contribute to an increase in the burden of households.

“In our view, it will be increasingly important to refurbish used homes that are outdated and dated to meet the needs of families,” he concludes.

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