The venue that hosts Hollywood’s glitziest occasion, The Oscars, has been offered to Jebs Hollywood Leisure, an funding group that features Battlefield Earth producer Elie Samaha, former Sony Footage Leisure president Jeff Sagansky and a member of the UAE ruling household.
Additionally, crucial in L.A., the acquisition contains two floor parking tons totaling 1.45 acres.
Jebs is led by longtime producer Samaha, who’s the proprietor/operator of Yamashiro Restaurant and leads the proprietor/operator workforce 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 way of 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 rising the quantity and number of dwell performances, together with many famend Latin and different worldwide acts on the fabled Dolby Theater,” stated 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 complicated at Hollywood and Highland, a heavy-traffic vacationer space even when the Oscars usually are not in session. The theater seats 3,400 and went up on the market in October of final 12 months. Monetary particulars of the Jebs deal weren’t disclosed, however on the time, Bloomberg reported the venue may fetch as a lot as $70 million.
The Oscars are contracted with the venue by way of 2028, and it has served because the host of different outstanding leisure reveals, together with the Latin Grammys, the ESPYs and the finals of music competitors American Idol.
Gaw Capital USA purchased the hooked up Hollywood & Highland complicated in 2019 for $325 million with DJM Capital Companions Inc., a San Jose personal actual property fairness and growth agency that rehabilitates troubled properties. The vendor was Los Angeles developer CIM Group. On the time, the brand new homeowners have been reportedly altering some shops over to workplace area on the complicated.
The Dolby Theatre was not included within the transaction.
Bruce Haring contributed to this report.
