The Real Deal Los Angeles

Hotelier citizenM nabs Hollywood site for first LA outpost

Company paid record $613 a foot for the land

February 03, 2016 11:30AM

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The site of the new CitizenM hotel at Hollywood and Vine

The site of the new citizenM hotel at Hollywood and Vine

Multinational boutique hotelier citizenM has nabbed a site next to the Capitol Records Building and opposite the Redbury Hotel at Hollywood and Vine for its first Los Angeles location, according to Bisnow.

The company paid $7.5 million, or $613 per square foot, for the parcel at 1718 Vine St., breaking the record for the most ever paid for land in Hollywood.

The Amsterdam-based firm specializes in budget hotels with small rooms and high-end design.

Silver Commercial’s Kay Sasatomi and Kathleen Silver brokered the deal. [Bisnow]