Beverly Hills voters reject LVMH luxury hotel on Rodeo Drive

Voters in Beverly Hills, the epitome of wealth and luxury, have narrowly rejected a proposal by Bernard Arnault’s LVMH to build an ultra-exclusive hotel on Rodeo Drive. 

The surprising result late on Friday was a setback for Arnault, the world’s richest person, who had chosen Beverly Hills as the first US location for his luxury hotel group. LVMH, which recently became the first European company to reach a $500bn market valuation, splashed out nearly $2.9mn on its campaign to gain approval in the ballot.