Renaissance Hollywood hotel to be purchased, renovated by Loews
One of the most popular hotels in Hollywood is being acquired by Loews Hotels & Resorts, which plans a $26-million renovation of the inn at Hollywood & Highland Center.
The Renaissance Hollywood Hotel & Spa will be rebranded as the Loews Hollywood Hotel after the sale closes later this month. Terms of the sale by landlord CIM Group were not disclosed, but hospitality industry experts familiar with the property valued the deal at about $165 million.
Renovations will take place in phases over the next year to minimize disruptions for guests, Loews said. A company representative declined to elaborate on the nature of the renovations but said they would affect all 632 rooms and public spaces in the 20-story hotel.
The property dates to 1972, when it opened as a Holiday Inn. Developer TrizecHahn Corp. spent about $130 million on renovations and an expansion that was completed in 2001 with the opening of Hollywood & Highland Center. CIM Group bought the hotel and retail complex in 2004.
The Hollywood and West Hollywood hotel market is second only to the Westside in popularity in Los Angeles County, said industry consultant Alan Reay of Atlas Hospitality Group.
Hollywood is a strong draw for international and domestic tourists. It also attracts travelers doing business in the music, film and television industries, he said.
“A lot of business hotels do well Monday through Thursday and then scramble on the weekends,” Reay said. “This hotel does well week-round, year-round.”
The Renaissance Hollywood is the first acquisition in Loews’ strategy to double the brand’s portfolio to more than 30 owned or managed hotels over the next three to five years, Chief Executive Paul Whetsell said. The New York-based company manages the Loews Santa Monica Beach Hotel but does not own it.
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