Part of the Hollywood & Highland complex, the hotel is being purchased by Loews Hotels & Resorts, the WSJ is reporting, citing sources. Price was not disclosed, but Loews is expected to spend $26 million on renovations later this year, according to the paper. The deal, which should close in a few weeks, will be Loews's first owned-and-operated hotel in the L.A. area. You might remember that CIM purchased the Kodak Theatre, the Renaissance Hotel and the Hollywood & Highland shopping center in 2004 for $201 million - what now seems like a bargain price given the recent revival of that portion of Hollywood. CIM, which is becoming a major real estate player in NY and other parts of the country, recently renewed its deal with the Academy of Motion Picture Arts and Sciences to hold the Oscars at the Kodak Theatre. Well, check that - the Kodak Theatre will now be called the Dolby Theatre, part of a naming rights agreement that was necessitated when Kodak filed for bankruptcy protection. Dolby is said to be paying more than the $4 million a year that Kodak was shelling out.
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