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The Real Deal Los Angeles

Korman tweaks Sunset Strip plans to comply with WeHo law

Corporate stays are included under WeHo’s ban on Airbnb
July 13, 2017 10:50AM

8500 Sunset Boulevard (Credit: Jay Luchs)

Korman Communities’ newly acquired condo tower at 8500 Sunset Boulevard will be leased as traditional apartments rather than as short-term corporate rentals, the company announced this week.

The company, which had planned short-term corporate rentals at the site, appears to have pivoted after becoming aware of West Hollywood’s ban on corporate stay buildings, Wehoville reported.

The 80 units on the east tower of the complex will be leased as long-term apartments and the 110 units in the west tower will be leased on a month-by-month basis, according to Wehoville.

Korman, along with partner Brookfield Property Partners, acquired the project from CIM Group in late June for about $186 million, records show.

“Our intention with this acquisition is to operate annual luxury apartments in one tower and Korman Communities’ industry leading furnished residences available for stays one month or longer in the other tower,” Korman co-CEO Larry Korman said in a press release.“We are committed to working collaboratively with the City of West Hollywood and abiding by all local laws.”

Corporate stays are included under WeHo’s ban on Airbnb and other short-term rental platforms. [Wehoville]Cathaleen Chen