LOS ANGELES — Hospitality company sbe has announced the sale of The Redbury hotel here for $40.9 million.
The 57-room boutique hotel at the corner of Hollywood Boulevard and Vine Street was sold to 1717 Vine LLC, an entity related to Seattle-based Vulcan Real Estate Inc., according to sbe, which will continue to manage the property.
Sbe will work closely with the new ownership on all future plans and operations of the all-suites hotel, which opened in 2010 and includes the Cleo restaurant, according to sbe CEO Sam Nazarian.
“We are pleased with the sale of The Redbury Hollywood and the return we continue to deliver for our investors,” Nazarian said. “Sbe has a strong partnership with the new ownership, and we are looking forward to continuing the legacy of this extraordinary asset and its Cleo restaurant and The Library bar, a favorite for hotel guests and visitors.”
The original Redbury concept was a partnership between Nazarian and image maker-photographer Matthew Rolston. The brand has recently expanded to Miami Beach and the NoMad District in New York City.
Seattle-based Vulcan Real Estate manages nearly $2 billion in real estate assets for Vulcan Inc., a Paul G. Allen company.