The Beverly Wilshire Hotel has been bought for $125 million by investors headed by Hong Kong-based Regent International Hotels, which said that it plans to maintain the Beverly Hills landmark in the tradition set by hotelier Hernando Courtright.
Regent President Robert H. Burns said that, under terms of a lifetime contract, the 81-year-old Courtright, whose family owns 40 percent of the Beverly Wilshire, will stay on as titular proprietor and resident "padrino." Burns called the establishment "truly one of a handful of great hotels in the world."
When the Beverly Wilshire sale is closed Dec. 31 under terms of a definitive agreement, the major seller along with the Courtright family will be Texas oilman Corwin Denney, who owns 27 percent.
Courtright and Burns said smaller interests are held by movie stars Irene Dunne and Kirk Douglas. The late Walt Disney was one of his original partners, Courtright said.
The price is more than $275,000 per unit for the hotel's 453 rooms, suites and apartments. That is the highest per-room price ever paid for a Los Angeles-area hotel, topping the $250,000 per room paid in 1981 for the Bel-Air Hotel.
Burns, 56, a native New Yorker who founded the hotel management concern 15 years ago, did not identify any persons in the investor group led by Regent and maintained that he does not yet know who the investors will be. He said it might be "some pension fund."