Beny Alagem's Oasis West Realty LLC has finalized his plans for final phase of the Beverly Hilton Hotel renovation, announcing Thursday that a Waldorf-Astoria hotel will be built at the corner of Santa Monica and Wilshire boulevards.

Alagem recently completed a $74 million Beverly Hilton facelift. Luxury condominiums that will share the hotel's services are to be constructed as well, but plans for the third building, situated where Trader Vic's now stands, had not been divulged.

"Bringing two legendary hotel brands together in Beverly Hills will create a new legacy of luxury for the Beverly Hilton property," said Alagem. "The entire property will have a whole new look transforming its urban setting into a garden environment. Together, the Waldorf-Astoria Beverly Hills and the Beverly Hilton will create a one-of-a-kind hotel property that is unmatched in its diverse offerings, services and amenities."

Gwathmey Siegel & Associates Architects will design the 120-room Waldorf.

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