BEVERLY HILLS, CA—Hilton Worldwide has announced plans to build the first West Coast Waldorf Astoria property. Located near the Beverly Hilton in Beverly Hills, the hotel will have 12 stories and 170 guestrooms. Hilton is building the hotel in partnership with a private investment group led by Alagem Capital Group and clients of Guggenheim Partners, who will open, own and operate the hotel once complete in 2017.

“This is an important next chapter in the history of this already famous property. Now with Waldorf Astoria Beverly Hills, it will once again set a standard for others to follow,” says Beny Alagem, chairman, Alagem Capital Group. “Waldorf Astoria Beverly Hills will be one of the most luxurious urban hotels in the country. From the world-class design to the exclusive services, every detail is designed to create an unprecedented hospitality experience that doesn't exist today.”

Set on a nine-acre lot in Beverly Hills, the hotel's 170 guestrooms will be designed by Chicago-based interior design group Pierre-Yves Rochon Inc. All of the guestrooms will offer views with floor-to-ceiling windows and private balconies. The main lobby will be done in an Art Deco design and feature hand-painted murals of California landscapes. For events, the hotel will also offer a 6,300-square-foot meeting space and outdoor dining terrace.

“The arrival of our Waldorf Astoria brand to Beverly Hills is one of the most highly anticipated developments in our portfolio,” says John T.A. Vanderslice, global head, Waldorf Astoria Hotels & Resorts, Hilton Worldwide. “Beverly Hills is synonymous with luxury. This Waldorf Astoria hotel will be impeccably designed to provide unforgettable experiences reflective of its iconic location.” The brand has a portfolio of 24 hotels and resorts worldwide.

This is the latest announcement of several hotels to come to Los Angeles. The most prominent currently underway is Korean Air's Wilshire Grand development in Downtown Los Angeles. The $1 billion project officially broke ground in February, and completion is set for December of 2016.