Vulcan Real Estate to Buy Redbury Hollywood for $40.9 Million
sbe Retains Management of Hotel, Its Popular Brands Continue to Appeal to Investors
sbe, the Los Angeles-based leading lifestyle hospitality company that develops, manages and operates award-winning hospitality venues, today announced the sale of The Redbury Hotel in Los Angeles, California for $40.9 million. The 57-room boutique hotel at the iconic corner of Hollywood and Vine was sold to 1717 Vine LLC, an entity related to Seattle-based Vulcan Inc. The property is a luxury all-suites hotel that includes the distinctive and highly popular Cleo restaurant. First opened in 2010, the inventive Redbury Hotel proved again sbe CEO Sam Nazarian'sability to deliver an award-winning, unpretentious and playful approach to luxury that resonates with guests. sbe will continue to manage The Redbury, and work closely with the new ownership on all future plans and operations.
"We are pleased with the sale of The Redbury Hollywood and the return we continue to deliver for our investors," said Nazarian. "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."
With The Redbury, sbe brought to Hollywood an entirely new boutique hotel experience. Its innovative design, authentic bohemian counter-culture, and curated hospitality amenities offer a soulful and engaging environment that is sophisticated, yet comfortable and inviting. The original concept was a partnership between Nazarian and celebrated image maker and leading photographer, Matthew Rolston. The curated experience features Rolston's highly designed and richly atmospheric imagery, and has been awarded top recognition on Travel & Leisure IT List, Conde Nast Traveler - Hot List, and USA Today Top 10 List & Hippest Hotel in LA. The brand has recently expanded to Miami Beach, Florida and the NoMad District in New York City.
Cleo restaurant was created by sbe subsidiary Disruptive Restaurant Group's acclaimed culinary partner Chef Danny Elmaleh. It first opened as an in-hotel dinner hotspot and has received numerous accolades including being named one of OpenTable's "50 hottest restaurants in the U.S." Disruptive Restaurant Group recently announced that Cleo will open its first standalone location this fall in L.A. LIVE, a sports and entertainment district in downtown Los Angeles.