A prominent part of Hollywood is for sale. According to a Bloomberg report, the Dolby Theater, the Los Angeles venue that hosts the annual Academy Awards, is on the horizon.
The Dolby is part of the Ovation complex at Hollywood and Highland, a busy tourist area even when the Oscars aren’t happening. The theater seats 3,400 people and could earn up to $70 million, Bloomberg said, citing a source.
The Academy Awards will be held at the venue through 2028, and the venue has served as host to other major entertainment events, including the Latin Grammys and the music competition finals. American Idol.
Gaw Capital USA bought the adjacent Hollywood & Highland complex in 2019 for $325 million from DJM Capital Partners Inc., a private real estate equity and development firm in San Jose that redevelops distressed properties. The seller was CIM Group, a Los Angeles developer. The new owners were apparently busy converting several shops in the complex into office space at the time.
The Dolby Theater is not included in the deal.
Source: Deadline
Ashley Root is an author and celebrity journalist who writes for The Fashion Vibes. With a keen eye for all things celebrity, Ashley is always up-to-date on the latest gossip and trends in the world of entertainment.
