HOLLYWOOD – August 9, 2013 – CIM Group announced today that it has sold The Redbury, a stylish 57-room boutique hotel at 1717 Vine Street in the heart of Hollywood. In February 2010, CIM acquired the hotel property through a foreclosure process, while it was still under construction. CIM completed the development, and the hotel opened in September 2010 under the management of sbe Group, which CIM chose to partner with in creating The Redbury brand and manage the hotel as well as its bar and restaurant operations.
The Redbury’s guest rooms are approximately 800 square feet with each room featuring a kitchen, balcony, and washer/dryer, creating a comfortable environment ideal for business and leisure travelers planning an extended stay. The hotel also features a courtyard lounge, a rooftop deck with unobstructed views of the area, and Cleo, a 120-seat ground floor restaurant that is highly acclaimed for its Mediterranean cuisine. Located just north of Hollywood Boulevard, the hotel offers guests easy access to Hollywood’s many restaurants and entertainment venues while also within close proximity to the region’s many top employment centers, movie studios, and tourist destinations.
Headquartered in Hollywood, CIM is an investor in communities throughout North America and is the largest commercial real estate owner in Hollywood. In 1998, CIM identified Hollywood as an emerging urban district that meets the firm’s strategic investment guidelines. Since then, it has acquired and developed a portfolio of properties in this community that includes office, retail, hotel and multi-family residential properties.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com