Dorchester’s London-based chief executive, Christopher Cowdray–who has been in Los Angeles this week to speak to hotel employees and customers and to try to quell the political backlash–said that Dorchester hotels is a big employer, pays taxes and “abides by the laws of the countries in which we operate.” He added that the Brunei Investment Agency, the government investment vehicle that owns Dorchester, is a “long-term investor” and that a sale of the Los Angeles-area properties was “unlikely.”
It’s fun to watch Hollywood progressives run smack dab into the reality of the religion they all claim to love and respect.
As for the ownership, their “long term horizon” will probably change fairly quickly if the losses begin to mount up. A “ghost town” in Hollywood can be a fairly expensive proposition to own and maintain.
What might really be interesting if Brunei maintains ownership, but abandons the building. Then we could see the city fathers using eminent domain to condemn the damned thing, acquire it, and resell it to an investor more to their liking. I’m sure there would be no lack of willing billionaires.
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