Hollywood's boutique Redbury Hotel, near the storied intersection of Hollywood and Vine, has sold for $41 million to a company owned by Microsoft co-founder Paul Allen.
The 57-room red hotel was designed by celebrity photographer Matthew Rolston and nightclub impresario and hotelier Sam Nazarian. It features an over-the-top flair intended to appeal to guests in creative industries in Hollywood for extended stays.
The building, at 1717 Vine St., has helped contribute to Hollywood's revival since it opened in 2010. In addition to the hotel, it's home to Cleo, a contemporary Middle Eastern restaurant, and an indoor-outdoor lounge named the Library.
The project was originally envisioned as a $50-million condominium building and extended-stay hotel by developer Palisades Development amid last decade's real estate boom. But as it neared completion, the developer lost control when the recession hit.
Los Angeles developer CIM purchased the building in 2010 for $15.8 million and brought in Nazarian's SBE to finish and manage it.
In 2013, Pebblebrook Hotel Trust of Maryland paid $34 million for the Redbury, before flipping it to a subsidiary of Vulcan Inc., which manages the real estate and business activities of Allen.
Vulcan Real Estate also owns the 160-room Pan Pacific hotel in Seattle. The Redbury is the Seattle billionaire's first venture into the hotel market in Southern California, spokeswoman Lori Mason Curran said.
"We are always looking for new opportunities," she added.
In a news release, SBE said it will continue managing the property.
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5:25 p.m.: This article was updated with information about Paul Allen's ownership of Vulcan Real Estate.