The entertainment and retail complex that houses the Academy Awards ceremony venue has a new owner.
CIM Group, which has owned the 460,000-square-foot Hollywood & Highland center since 2004, has sold the complex to private equity real estate firms DJM and Gaw Capital USA. The new owners plan “to reimagine the 7.6-acre site over the next 24 to 30 months,” the firms stated Monday. Renovations are expected to begin in 2020 and be completed in 2021.
The terms of the deal weren’t disclosed, but CIM will retain ownership of the Dolby Theatre, the 3,400-seat venue that hosts the annual Oscars ceremony. (CIM had struck a 20-year agreement in 2012 with the film Academy to keep the Oscars ceremony at the Dolby Theatre.)
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“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,” stated Stenn Parton, chief retail officer at DJM. “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.”
Goodwin Gaw, chairman and managing principal of Gaw Capital Partners, stated, “We look forward to working with DJM to enhance the asset by leveraging the digital content revolution and innovative technology, to re-imagine this complex to become the new town center for the Hollywood community.”
The complex, on Hollywood Blvd. and Highland Ave., resides at the nexus of the Hollywood Walk of Fame and multiple area tourist attractions and iconic theaters. The center is adjacent to the TCL Chinese Theatre and across the street from the El Capitan Theatre, which regularly host the latest studio tentpole premieres.
CIM Group had owned the complex, built in 2001 in the heart of Hollywood’s tourism district, since 2004. “CIM’s repositioning of Hollywood & Highland increased its visibility and provided a stable anchor for the resurgence of Hollywood,” stated Shaul Kuba, co-founder and principal, CIM Group. “The development was envisioned as a catalytic project that would propel private investment and development in the community. We believe we have fulfilled this mission, and established Hollywood & Highland as a major economic generator for the City of Los Angeles.”
