HOLLYWOOD — Hollywood & Highland, the approximately 460,000-square-foot retail and entertainment center in the heart of Hollywood’s tourism and business district, has been sold. The sale does not include the iconic Dolby Theatre.
The seller was CIM Group and the buyers are DJM Capital and GAW Capital Partners. GAW owns the Hollywood Roosevelt Hotel. The selling price was undisclosed but the parties say it is the largest single-asset retail transaction to take place outside of Manhattan in nearly three years.
“The retail landscape has shifted, consumer tastes have adapted, and ‘New Hollywood’ is constantly redefining itself,” said Stenn Parton, Chief Retail Officer at DJM. “With Hollywood & Highland, we are eager to seize the opportunity to create, in the heart of Los Angeles, an environment where the iconic allure of ‘Old Hollywood’ meets the modern innovation of new media.”
The new owners plan to reimagine the 7.6-acre site over the next 24 to 30 months. Renovations are slated to begin in 2020, with completion expected in 2021. The goal of the improvements will be to upgrade the retail hub, rebranding, upgrading common areas, ramping up entertainment events, optimizing the merchandise mix and “incorporating new concepts and uses to bring excitement to retailers, visitors and other tenants at the property.”
“Our opportunity as the new stewards is to make Hollywood & Highland a 21st century destination—one that offers visitors a piece of Hollywood that is grounded by the needs of the modern consumer,” Parton added. “A fresh design and rebrand bolstered by relevant global brands, top-of-the-line food and beverage experiences, and a state-of-the-art digital concept is merely the beginning of our plans.”
Hollywood & Highland debuted in November 2001 as the result of a public/private partnership. CIM acquired the complex in 2004, which at that time included the retail and entertainment center, the theatre and the adjacent 632-room hotel. CIM sold the hotel in 2012, and in 2013 recapitalized the retail and entertainment center in a new CIM-managed joint venture.
CIM will continue to operate the 180,000-square-foot, 3,400-seat Dolby Theatre, which hosts the annual Academy Awards, for which it inked a 20 year contract in 2012. Concurrently, CIM reached a 20-year agreement with Dolby for the naming rights. Most recently, CIM entered into a programming arrangement with the historic Hollywood Pantages Theatre to bring Broadway shows to the Dolby.
“Following approval of the development of Hollywood & Highland, CIM was among the first private investors to identify the potential in Hollywood, acquiring an office building across the street from the site in 1998,” said Shaul Kuba, Co-Founder and Principal, CIM Group. “Since then, we have actively developed, repositioned, and operated numerous properties of all types throughout Hollywood and we continue to work on our existing portfolio and new opportunities in this market.”
21 Workers Test Positive for Coronavirus at Rock n Roll Ralphs
HOLLYWOOD (KTLA) — Workers rallied Friday outside a Ralphs store in Hollywood where 21 people have tested positive for the coronavirus.
The group called on the store to take more aggressive action when staff test positive for the virus, and to ramp up efforts to protect the grocery store employees, who are considered essential workers on the front lines of the pandemic.
They said they speak for thousands of workers who are afraid they aren’t getting enough protection as the virus continues to spread countywide, infecting more than 24,000 as of Friday.
The Ralphs at 7257 W. Sunset Blvd. has had an outbreak involving several workers who tested positive for the virus, according to the Los Angeles Department of Public Health, which lists businesses and […]
‘Stay Put, Order In’ and Dine With Friends on Zoom, Says Mayor
WEST HOLLYWOOD — WeHo is home to some of the best restaurants in the world and our community members are used to gathering around restaurant tables and enjoying meals together. Now, there’s an opportunity to, instead, gather around kitchen tables at home and enjoy a meal (or many!) while supporting our local restaurants.
“One of the worst things about the Safer At Home directive is being disconnected from friends, neighbors, and the city around us,” said City of West Hollywood Mayor John D’Amico. “Don’t be alone if you don’t have to be – take advantage of the technology out there and invite a friend to Zoom in for Ziti or share some Farfalle over FaceTime.”
Mealtime is a wonderful opportunity to connect with friends, family, and loved ones using virtual teleconferencing technology, while partaking in your favorite delivered or takeout food.
Many West Hollywood restaurants remain open and are offering takeout, curbside, and delivery meals, which are sensitive to social distancing during the emergency. The City of West Hollywood and the West Hollywood Chamber of Commerce have teamed up to offer a directory of “Stay Put, Order In” eateries in West Hollywood, which is accessible by visitingwww.weho.org/coronavirus (click the “Stay Put, Order In” link!) or www.wehochamber.com/dinein. This list is updated daily.
“We need to start hanging out together, and talking, and seeing each other again. So, why not plan to #WeHoDinnerConnect this week – maybe Saturday at 8 p.m.? Or Sunday at 7 p.m.? Or even just 15 minutes of screen-to-screen gossip,” said Mayor D’Amico. “And you don’t have to cook a thing… local restaurants have meals and menus tailored to take-away choices and they’re ready to send food over to your house or make arrangements for you to pick it up.”
If picking up food, remember to wear face coverings, which are required to enter essential businesses.
Amoeba Music Won’t Reopen Original Sunset Boulevard Store
HOLLYWOOD (TimeOut) — In a statement posted to its Instagram account on Monday, Amoeba announced that it would not be reopening its nearly two-decade-old flagship on Sunset Boulevard. Instead, the indie record shop will divert all of its resources to opening its new shop on Hollywood Boulevard, which they still hope to have ready in the fall.
“There are so many unknowns and uncertainties for a business like ours right now,” the statement reads. “The only way we can keep Amoeba Hollywood alive in the future is to make this difficult decision now.”
Our original story about the store’s GoFundMe campaign appears below.
It’s become a pit stop on music-lover’s tours of Hollywood, it’s hosted concerts from Patti Smith and Paul McCartney, and it’s weathered the Great Recession and the transition from CDs to MP3s to all things streaming. But with Amoeba Music’s future more uncertain now than ever, the massive independent record store is turning to its devotees for nearly half a million dollars to try to stay afloat.
In an essay on GoFundMe, Amoeba cofounders Dave Prinz and Marc Weinstein recount […]
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This Just In…
- County Hospitals Receive 300 iPads for Patients to See Family
- Processions to Cedars Will Salute Healthcare Workers on National Nurses Day
- WeHo Webinar: Loneliness, Isolation, Depression, and Anxiety During Pandemic
- Texas & California Wet Markets Show Full Extent of Vile Conditions
- White House Gift Shop Selling Coronavirus Commemorative Coins
- Joe Exotic Prison Has 2nd Highest ‘Rona Rate
- Beverly Hills Votes To Resume Plastic Surgery Despite Coronavirus Pandemic