Canadian Developer Buys Hollywood Hotel

TrizecHahn Centers has purchased the 470-room Holiday Inn Hollywood as part of its plan to build a major entertainment and retail complex near the historic Mann Chinese Theater on Hollywood Boulevard. The company would not reveal the sales price, but people familiar with the deal said the 23-story hotel was purchased from Hollywood Associates for an estimated $35 million. TrizecHahn Centers, which manages retail operations for Toronto-based TrizecHahn Corp., said it will completely renovate the hotel. The Holiday Inn, on Highland Avenue, is adjacent to a future Red Line subway station site where TrizecHahn is negotiating with government agencies to build a 14-screen theater, shops and restaurants.