Hotelier citizenM nabs Hollywood site for first LA outpost
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]