LOS ANGELES, June 2, 2016 /PRNewswire/ -- sbe, the Los Angeles-based leading lifestyle hospitality company that develops, manages and operates award-winning hospitality venues, today announced the sale of The Redbury Hotel in Los Angeles, California for $40.9 million. The 57-room boutique hotel at the iconic corner of Hollywood and Vine was sold to 1717 Vine LLC, an entity related to Seattle-based Vulcan Inc. The property is a luxury all-suites hotel that includes the distinctive and highly popular Cleo restaurant. First opened in 2010, the inventive Redbury Hotel proved again sbe CEO Sam Nazarian's ability to deliver an award-winning, unpretentious and playful approach to luxury that resonates with guests. sbe will continue to manage The Redbury, and work closely with the new ownership on all future plans and operations.
"We are pleased with the sale of The Redbury Hollywood and the return we continue to deliver for our investors," said Nazarian. "sbe has a strong partnership with the new ownership, and we are looking forward to continuing the legacy of this extraordinary asset and its Cleo restaurant and The Library bar, a favorite for hotel guests and visitors."
With The Redbury, sbe brought to Hollywood an entirely new boutique hotel experience. Its innovative design, authentic bohemian counter-culture, and curated hospitality amenities offer a soulful and engaging environment that is sophisticated, yet comfortable and inviting. The original concept was a partnership between Nazarian and celebrated image maker and leading photographer, Matthew Rolston. The curated experience features Rolston's highly designed and richly atmospheric imagery, and has been awarded top recognition on Travel & Leisure IT List, Conde Nast Traveler - Hot List, and USA Today Top 10 List & Hippest Hotel in LA. The brand has recently expanded to Miami Beach, Florida and the NoMad District in New York City.
Cleo restaurant was created by sbe subsidiary Disruptive Restaurant Group's acclaimed culinary partner Chef Danny Elmaleh. It first opened as an in-hotel dinner hotspot and has received numerous accolades including being named one of OpenTable's "50 hottest restaurants in the U.S." Disruptive Restaurant Group recently announced that Cleo will open its first standalone location this fall in L.A. LIVE, a sports and entertainment district in downtown Los Angeles.
sbe is a leading lifestyle hospitality company that develops, manages and operates award-winning hotels, restaurants and nightclubs. Through exclusive partnerships with cultural visionaries, sbe is dedicated to delivering the best in service, design, culinary programming, and entertainment. Already a proven leader in the hospitality and real estate industries, sbe has more than 100 properties currently operating or in development, and is expanding several of its flagship brands including SLS, Hyde and The Redbury, both nationally and internationally. The company will debut a new slate of hotel and residence properties in 2016, including the recently announced Hyde Hotel & Residences and SLS LUX Hotel & Residences. SLS Hotel & Residences will represent over 3,900 hotel rooms and 1,600 residences worldwide by 2019. In addition to its distinctive hotels, sbe's world-renowned restaurants and lounges include Katsuya, The Bazaar by José Andrés and Hyde Lounge. Founded in 2002 by Executive Chairman and CEO Sam Nazarian, sbe is a privately held company. More information about sbe can be obtained at sbe.com or by downloading the sbe App.
About Vulcan Real Estate:
Seattle-based Vulcan Real Estate directs all real estate investment activities for Vulcan Inc., a Paul G. Allen company. Through strategic acquisitions and innovative development, Vulcan Real Estate has created a diversified portfolio of high-performing quality assets including office, biotech, residential and mixed-use projects. The company's integrated team of real estate professionals offers a full range of development and portfolio management services from site selection and urban planning to build-to-suit construction, leasing and asset repositioning. Its real estate model is based on quality, sustainable development that builds new value across the entire community. To date, Vulcan has delivered 6.5 million square feet in 29 new office, biotech, residential and mixed-use projects, primarily in Seattle's South Lake Union neighborhood. The company has 208 apartment units under construction in the University District and several more projects in pre-development planning. The company is also in pre-development planning for three sites at Seattle's Yesler Terrace where it will build approximately 650 residential units and a site in Seattle's Central Area where it plans to develop 570 residential units. Vulcan Real Estate currently manages nearly $2 billion in real estate assets. For more information, visit www.vulcanrealestate.com.
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