Vedder Price is pleased to announce that the Americas Lodging Investment Summit (ALIS) has named a deal led by Michael M. Eidelman, Shareholder and Chair of the firm’s Insolvency, Bankruptcy and Corporate Reorganization group, as its Single Asset Transaction of the Year. ALIS is the largest hotel investment conference in the world, and each year it honors the executives and companies responsible for the most influential hotel industry deals with the summit’s prestigious ALIS awards. In 2020, the Vedder Price-led sale of the L’Ermitage Beverly Hills Hotel was named Single Asset Transaction of the Year in the $25 million and over category.

The L’Ermitage Beverly Hills Hotel property was among the assets sold by the United States Government in an effort to recover illegally laundered funds from a major international money laundering scandal known as 1MDB, which allegedly involved the embezzlement of billions of dollars from the Malaysian development fund of the same name. Vedder Price Shareholder Michael M. Eidelman was appointed by the United States District Court for the Central District of California to serve as the Special Master overseeing the sale of the L’Ermitage. Mr. Eidelman was assisted by Real Estate Chair Andrew Torre, Ryan S. Hedges and Allison B. Hudson.

The Vedder Price team ran a competitive auction and sale process in accordance with Court approved sale procedures, and solicited over 50 competing bids for the hotel in an open and transparent manner. In October 2020 the hotel property was ultimately sold to EOS Investors, LLC, a real estate investment firm specializing in the hospitality sector, for $100 million.

“The Vedder Price team is honored to be recognized by The Americas Lodging Investment Summit,” Mr. Eidelman said. “We couldn’t be happier with the outcome of the sale. The transaction highlights both our industry knowledge and hard work.”

Read ALIS’s press release here for more information.