The Real Deal Los Angeles

Hotelier citizenM nabs Hollywood site for first LA outpost

Company paid record $613 a foot for the land
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]