LVMH Shelves Plans for Rodeo Drive Hotel After Local Opposition

Bernard Arnault, the world’s richest man, will scrap a plan to build a luxury hotel in Beverly Hills after residents in the wealthy city appeared to vote against the project.

While some votes remain to be counted, LVMH Moet Hennessy Louis Vuitton SE confirmed that two measures on the Cheval Blanc Beverly Hills project have fallen short by a “narrow margin,” according to a statement late Friday by spokesperson Jessica Miller.

“If the…