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Hollywood’s Redbury Hotel sells for $40.9M to Seattle investment firm

Seattle-based Vulcan Real Estate is just the latest out-of-state investor to bet on the Los Angeles hotel market. The company has acquired Hollywood’s Redbury Hotel from a partnership led by Pebblebrook Hotel Trust for $40.09 million, according to an announcement from Pebblebrook. That’s a sizable jump over the $34 million the company paid for the 57-room luxury hotel, which is located at the iconic corner of Hollywood and Vine Streets, in 2013. SBE, the L.A.-based hospitality company run by Sam Nazarian, will continue to operate the hotel, which first opened in 2010 and was designed by Cuningham Group. “SBE has a strong partnership with the new ownership, and we are looking forward to continuing the legacy of this extraordinary asset and its Cleo restaurant and The Library bar, a favorite for hotel guests and visitors,” Nazarian said in a statement. — Katherine Clarke – See more at: http://therealdeal.com/la/2016/06/02/hollywoods-redbury-hotel-sells-for-40-9m-to-seattle-investment-firm/#sthash.kBamzqkC.dpuf

 

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