Hollywood Heights Hotel sold to institutional investor

Los Angeles, CA – January 19, 2011 – An institutional private equity investor has purchased the 160-room Hollywood Heights Hotel located on Highland Avenue between Hollywood Boulevard and the Hollywood Bowl at 2005 North Highland Avenue. The sale closed on December 17, 2010.

The 7-story hotel, situated on 2.6 acres of land, was originally built in 1976. The seller acquired the property in 2006 from Sunstone Hotels and continued to operate the property under a Holiday Inn franchise until 2008 when they converted the property to an independent boutique. The buyer intends to immediately commence a major renovation to the property including a conversion to a national franchise brand.
Bob Kaplan and Rod Apodaca, now with CBRE Hotels, brokered the transaction on behalf of the seller under their former brokerage, Colliers International Hotels – Los Angeles. The property was widely marketed and garnered heavy interest due to its prime Hollywood location and the opportunity for repositioning.

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