Hotel Nikko for Sale; Multiple Bids Received

Hotel Nikko at Beverly Hills is up for sale by its Japanese owners and has attracted more than a dozen bidders with offers as high as $80 million, according to lodging industry consultants and brokers. A new owner would probably affiliate the property with a different hotel brand instead of remaining with Nikko, which has in the past catered primarily to Japanese travelers, according to Alan Reay, president of Atlas Hospitality Group. “They are buying the location--it’s just very hard to get into Beverly Hills,” Reay said. A spokeswoman for Jones Lang LaSalle said the real estate services firm is advising the hotel’s owners, Kawasaki Leasing of Tokyo, on the sale of the property but would not comment further. The four-star, 310-room hotel, which is actually located in Los Angeles near the Beverly Hills boundary, opened in late 1991.