Avison Young announced the acquisition of Dolby Theatre, a Hollywood live performance entertainment auditorium. Built in 2001 and home of the Academy Awards since 2002, the 3,400-seat theater totaling 180,000 square feet (sf) is located at 6801 Hollywood Boulevard and is within the Ovation Hollywood retail complex. The acquisition also included two surface parking lots totaling 1.45 acres.
Avison Young Principal and Managing Director Chris Bonbright represented the buyer, JEBS Hollywood Entertainment LLC. The seller was represented by Will Poulsen, and Peter Hajimihalis of JLL, and Carl Muhlstein of Muhlstein CRE. Debt financing, provided by Castellan Real Estate Partners, was arranged by Slatt Capital led by Antonio Hachem, Principal, together with Cornelius Baliukonis, Vice President and Wendy Wang.
JEBS Hollywood Entertainment is led by Managing Partner, Elie Samaha, and includes Sherwin Jarol, Jeff Sagansky, Jonah Lazowski, Two Girls Holdings, LLC and Sheikh Abdulla Bin Mohamed Al Qasimi through his investment firm, Master Investment Group. Samaha is a major Hollywood producer with many other theaters in Hollywood, and restaurant owner/operator including the Yamashiro Restaurant, also dubbed Hollywood Mountain. Samaha also leads the owner/operator team at the iconic TCL Chinese Theater and Chinese Six adjacent to The Dolby Theater in Hollywood. Jarol is CEO of SMB Equities, LLC. Sagansky, former President of Sony Pictures Entertainment, former President of CBS Entertainment, is the Co-Founder of Eagle Equity Partners. Lazowski is a partner in LAZ Investments, LLC, the family office of the founder of LAZ Parking. A real estate investor and entrepreneur, Sheikh Abdulla is a member of the ruling Al Qasimi family in the UAE.
“The new ownership intends to continue its association with the Academy Awards while significantly increasing the number and variety of live performances, including many renowned Latin and other international acts at the fabled Dolby Theater,” said Bonbright in a statement. “Through its long-term and highly successful operation of the Chinese Theater, JEBS Hollywood Entertainment is an ideal synergistic owner-operator of this world-famous entertainment venue.”
