Bernard Arnault, CEO and chairman of LVMH Moet Hennessy Louis Vuitton, has decided to scrap his plans to build a luxury hotel in Beverly Hills. Beverly Hills residents voted against the project. Although some votes still need to be counted, LVMH said that two measures on the Cheval Blanc Beverly Hills project fell short by a "narrow margin," company spokesperson Jessica Miller said in a statement. The hotel had projected that it would generate about $800 million over 30 years for Beverly Hills. . Read the rest of the story through the link in bio. benzinga . . #beverlyhills #bernardarnault #hotel #chevalblanc #lvmh