A prominent piece of Hollywood is for sale. The Dolby Theatre, the Los Angeles venue that is the host for the annual Academy Awards, is on the block, according to a Bloomberg report.
The Dolby is part of the Ovation complex at Hollywood and Highland, a high-traffic tourist area even when the Oscars are not in session. The theater seats 3,400 and could fetch as much as $70 million, Bloomberg said, citing a source.
The Oscars are contracted with the venue through 2028, and it has served as the host of other prominent entertainment shows, including the Latin Grammys and the finals of music competition American Idol.
Gaw Capital USA bought the attached Hollywood & Highland complex in 2019 for $325 million with DJM Capital Partners Inc., a San Jose private real estate equity and development firm that rehabilitates troubled properties. The seller was Los Angeles developer CIM Group. At the time, the new owners were reportedly changing some retail outlets over to office space at the complex.
The Dolby Theatre was not included in the transaction.
