The Hollywood & Highland shopping and entertainment center has been acquired by a real estate partnership that plans to renovate the property, which opened in 2001 and helped lure investment back to the iconic neighborhood.
San Jose real estate company DJM and Gaw Capital USA, the U.S. arm of a Hong Kong private equity firm, announced the purchase Monday. The group bought the center from Los Angeles company CIM Group for an undisclosed amount. The sale does not include the complex’s Dolby Theatre, where the Oscars are held.
In a news release, DJM and Gaw Capital said renovations at the 7.6-acre site will start next year and finish in 2021.
The group didn’t provide many details on renovations but said it will upgrade common areas and incorporate “new concepts and uses that bring excitement to retailers, visitors and other tenants at the property.”
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