Hollywood-based developer Five Chairs, a subsidiary of the Hollywood International Regional Center, has a new project on its home turf: a 212-room hotel at the corner of Selma and Wilcox Avenues.
Five Chairs acquired the half-acre site — a parking lot at 6516 Selma Avenue — for $12 million, or about $579 per square foot, from Koar, LLC last June, sources close to the deal confirmed. The parcel is already zoned for commercial use.
Nearby, as Curbed reported, is the under-construction Thompson Hotel, which will have 220 rooms and 12 stories, as well as 13,000 square feet of restaurant space.
Not so long ago, Five Chairs’ Richard Heyman filed plans for another hotel in Hollywood — a seven-story building between Ivar Avenue and North Cahuenga Boulevard on De Longpre Avenue.
The HIRC has an expansive portfolio in L.A. County and boasts partnerships with the likes of Debut and Dream Hotel. It is developing Dream Hotel’s expansion to Hollywood on Selma.