Hollywood & Highland, the ornate shopping and entertainment complex in the heart of Tinseltown, has been sold for an undisclosed price, although the sale does not include the Dolby Theatre, home of the Oscars, it was announced Monday.

CIM Group sold the 2001-vintage complex to a partnership of San Jose-based real estate and investment firm DJM and Hong Kong- and Los Angeles-based equity firm Gaw Capital. CIM Group has owned the complex since 2004, although it sold the adjoining the Loews hotel in 2013.

Under the deal, CIM will retain control of the 3,400-seat Dolby Theatre, which has hosted the Oscars ceremony since 2002.

GAW and DJM, meanwhile, plan to “reimagine” the 7.6-acre, 460,000-square-foot complex over the next two years in an effort to “upgrade the retail hub” while improving common areas and increasing entertainment events.

“The retail landscape has shifted, consumer tastes have adapted and `New Hollywood’ is constantly redefining itself,” Stenn Parton, chief retail officer at DJM, said in a statement. “With Hollywood & Highland, we at DJM and Gaw Capital 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.”

Parton said the companies hope to bring the complex “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.”

The renovation work is expected to begin next year and be completed in 2021.

Leave a comment

Your email address will not be published.