From City News Service
HOLLYWOOD — The CIM Group sold the Redbury, a 57-room boutique hotel in the heart of Hollywood, to the Pebblebrook Hotel Trust for $34 million, it was announced Friday.
Pebblebrook also owns the Mondrian Hotel in West Hollywood, the W Los Angeles-Westwood and the Sheraton Delfina, which is soon to be renamed Le Meridien Delfina, in Santa Monica.
CIM acquired the Redbury at 1717 Vine St. in February 2010 through foreclosure, while it was still under construction, and completed it. The hotel opened in September 2010 under the management of sbe Group, which will continue to manage the property.
“We’re thrilled with the acquisition of the Redbury in the dynamic, high-barrier-to-entry Hollywood neighborhood,” said Jon Bortz, chairman, president and CEO of Pebblebrook Hotel Trust. “The steady demand growth of the market, along with a historically constrained supply environment, provides excellent operating fundamentals for the market and the hotel.”
The Redbury’s 800-square-foot guest rooms each have a kitchen, balcony and washer/dryer, aimed at business and leisure travelers planning an extended stay.
The hotel also features a courtyard lounge, a rooftop deck and Cleo, a 120-seat ground-floor restaurant serving Mediterranean cuisine.
Los Angeles-based CIM is the largest commercial real estate owner in Hollywood, with a portfolio of office, retail, hotel and multi-family residential properties.