Bernard ArnoldCEO and Chairman of LVMH Moët Hennessy Louis Vuitton LVMHFhas decided to scrap his plans to build one Luxury hotel in Beverly Hills.

Beverly Hills residents voted against the project. Bloomberg reported on Friday. Though some votes are yet to be tallied, LVMH said two actions at the Cheval Blanc Beverly Hills project “fell just short of expectations,” company spokeswoman Jessica Miller said in a statement.

“If the final vote count confirms voters’ rejection of our project, we will respect the result and not bring the hotel project back in any form,” Miller said.

The official report showed that 50.9% of voters opposed the hotel project – a narrow margin of 123 votes over those in favor. The Los Angeles County Registry Office said the final results will be confirmed on June 2.

Also read: The richest person in the world sold an $84 million house, this could be the reason

Arnault, the richest man in the world, had planned to build a luxury boutique hotel and private members’ club on Rodeo Drive in Beverly Hills.

According to Bloomberg, the hotel had predicted taxes and other payments would bring Beverly Hills about $800 million over 30 years. However, critics said the construction work would reduce visibility and cause traffic congestion.

Last month, the fashion giant became the first European company to surpass $500 billion in market value. The value of LVMH increased Arnault’s wealth, his The fortune amounts to approximately 212 billion US dollars.

Now read: How 16 Cent and the Shift to Real Estate Enabled the World’s Richest Man to Build an Empire Worth Over $200 Billion

Photo: Wikimedia Commons