The world's richest man's plan to build a luxury hotel on LA's most famous shopping street was torpedoed after residents voted against it

Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, speaks during a news conference to present the 2022 annual results of LVMH in Paris, France, January 26, 2023.

Gonzalo Fuentes/Reuters

• Beverly Hills residents voted against Bernard Arnault's plan to build a luxury hotel on Rodeo Drive.
• Plans for the 115-room hotel included a ninth-story penthouse, private club, spa, shops, and restaurants.
• Opponents said it would be "too big and tall" for the area and would cause congestion.