Relevant Group scores $61M refi on Dream Hollywood
The developer is seeking to transform that area, with plans for 3 more independently-branded hotels and a converted event space
Relevant Group has landed $61 million in refinancing on its Dream Hollywood hotel, amid the local developer’s ongoing expansion of its hotel portfolio in that neighborhood.
Wells Fargo provided the debt on the 178-key hotel at 6417 Selma Avenue. The loan package includes the 139,000-square-foot hotel and its adjacent Tao restaurant and Avenue nightclub.
Proceeds from the three-year, fixed-rate loan went to pay down construction financing on the hotel, according to Wells Fargo’s national head of originations Wayne Brandt. The property opened in the summer of 2017, marking the debut of company co-founders Richard Heyman and Grant King’s planned hotel portfolio.
Dream Hollywood, on the corner of Selma Avenue and Cahuenga Boulevard, is one of four independently-branded hotels Relevant will develop within a few blocks of each other over the next few years.
The firm is building the eight-story Tommie Hotel and secured construction financing in early 2019 for the 190-room Thompson Hotel. It also plans to develop the 114-key Selma Hotel on Wilcox Avenue, which will include 22,000 square feet of commercial space.
In February 2019, Relevant revealed plans to convert the Citizen News building across the street from the Selma Wilcox and Dream hotels into a 36,6000-square-foot restaurant and event space.
Relevant isn’t the only developer building there. Restaurateur Adolfo Suaya wants to build the 134-key Whiskey Hotel on a parking lot on Selma Avenue near Hollywood Boulevard.