Hoteliers continue to set their sights on Hollywood even as hotel inventory looks set to shoot through the roof.
Yet another hotel, this time by developer Richard Heyman, is in the works between Ivar Avenue and North Cahuenga Boulevard on De Longpre Avenue, according to Curbed.
The proposed seven-story hotel, which would rise on a site next to the Cinerama, is slated to include 175 rooms, 600 square feet of retail and an additional 5,000 square feet of restaurant space. The project also calls for two floors of underground parking and a rooftop pool.
The property is just one in a long string of hotel projects planned for the area. Just down the street, a 19-story hotel on Ivar Avenue and Sunset Boulevard in in the planning phases, for instance.
And, earlier this year, international hotelier citizenM broke the record for most ever paid for land in Hollywood when it acquired the site next to the Capitol Records Building at 1718 Vine Street. It paid $613 per square foot for a total of $7.5 million. [Curbed] — Cathaleen Chen