The venue that hosts Hollywood’s glitziest occasion, The Oscars, has been bought to Jebs Hollywood Leisure, an funding group that features Battlefield Earth producer Elie Samaha, former Sony Photos Leisure president Jeff Sagansky and a member of the UAE ruling household.
Additionally, crucial in L.A., the acquisition contains two floor parking heaps totaling 1.45 acres.
Jebs is led by longtime producer Samaha, who’s the proprietor/operator of Yamashiro Restaurant and leads the proprietor/operator staff on the Dolby-adjacent TLC Chinese language Theater and Chinese language Six; Sherwin Jarol, CEO of SMB Equities; Sagansky; Jonah Lazowski, Two Women Holdings and Sheikh Abdulla Bin Mohamed Al Qasimi, a member of the ruling Al Qasimi household within the UAE, by his funding agency, Grasp Funding Group.
Samaha additionally owns the Vogue and Fox Theatres in L.A. and the Liberty Theatre in New York.
“The brand new possession intends to proceed its affiliation with the Academy Awards whereas considerably growing the quantity and number of stay performances, together with many famend Latin and different worldwide acts on the fabled Dolby Theater,” mentioned Avison Younger Principal and Managing Director Chris Bonbright, who represented the client. “By means of its long-term and extremely profitable operation of the Chinese language Theater, JEBS Hollywood Leisure is a perfect synergistic owner-operator of this world-famous leisure venue.”
The Dolby is a part of the Ovation advanced at Hollywood and Highland, a heavy-traffic vacationer space even when the Oscars aren’t in session. The theater seats 3,400 and went up on the market in October of final yr. On the time, Bloomberg reported the venue may fetch as a lot as $70 million.
The Oscars are contracted with the venue by 2028, and it has served because the host of different outstanding leisure exhibits, together with the Latin Grammys, the ESPYs and the finals of music competitors American Idol.
Gaw Capital USA purchased the hooked up Hollywood & Highland advanced in 2019 for $325 million with DJM Capital Companions Inc., a San Jose non-public actual property fairness and improvement agency that rehabilitates troubled properties. The vendor was Los Angeles developer CIM Group. On the time, the brand new house owners had been reportedly altering some shops over to workplace house on the advanced.
The Dolby Theatre was not included within the transaction.
Bruce haring contributed to this report.