The Redbury hotel in Hollywood is about ready to make its debut on the scene of Hollywood's up and coming urban landscape. The Redbury Hotel in Hollywood was originally owned by Palisades Development, who had intended to turn the newly constructed building with red brick facade into an efficiency hotel, complete with kitchenettes and an on-premise 'gourmet cafeteria.' Palisades Development got as far as constructing the building to near completion when the downward economy got the better of them. CIM group, known for their dominant stake in commercial property around Hollywood, picked up the property for a cool $15.8 million earlier this year. Now, Sam Nazarian (CIM group) has enlisted the help of eccentric photographer and video director, Matthew Ralston, to re-launch the formerly named 'Palihouse' building, into The Redbury Hotel in Hollywood.
Hollywood developers really have their minds set on the hope that, when the market takes a turn for the better, every Los Angeles local and folks from far and wide are going to be clamoring to plant roots, at least temporarily, in Hollywood. The city's epicenter on the corner of Hollywood & Vine is the nucleus from where the larger vision of a sustainable urban high-rise community is expected to grow. Now, the Redbury hotel in Hollywood is following the recent launch of the W Hollywood Hotel & Residences that stumbled on to the scene with more than a few glitches and shortcomings. No one can deny the revitalizing and anchoring effect of the new Trader Joe's on the east side of Vine, just south of Hollywood Blvd., but whether the repurposed Redbury Hotel in Hollywood will be a smashing success remains to be seen.
The fact that the decor marries old Hollywood glamour with flower-child gaudiness is a real boon, in my opinion, but I am not totally sold on the premise that anyone staying in a hotel for $300-$1,000/night is really going to take advantage of the kitchenettes and do-it-yourself ideal that CIM group is pushing as part of their marketing ploy. Nevertheless, the kitschy, boho-chic decor, great location, and fine dining restaurant will likely make the Redbury Hotel in Hollywood a winner. Stay tuned!
By the way, I sell Real Estate in Urban L.A.! Please contact me if you would like more information about the real estate market in Urban L.A., or the Hollywood, CA condo market.
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