Los Angeles' Sunset Tower Hotel-site of Vanity Fair's memorable post-Oscars parties-is for sale.
According to the New York Post, the price tag is set at a hefty $100 million. Citing sources familiar with the situation, the Post reported that a team of JLL brokers has been put in charge of finding a buyer.
The four-star hotel has been a Hollywood landmark for decades and was recently restored by renowned hotelier Jeff Klein after he purchased it along with partner Peter Krulewitch for $18.5 million in 2004. Elevated Returns purchased Krulewitch's 80 percent stake in the 81-room property for $75 million in 2015, with Klein staying on as managing partner.
"Elevated has the right to offer Klein's 20 percent share as well. But he could stay in if he and the buyer agreed," a source told the Post. "Klein turned what was basically a $99-a-night dump into an iconic destination. Anybody with a brain would want to keep him to run it, but he'd sell his share, too, if he thought they weren't right for the property."
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Once home to a handful of stars including Howard Hughes and John Wayne, the hotel faced an uncertain future prior to Klein's arrival. He put designer Paul Fortune in charge of redesigning the hotel and added modern amenities while retaining some of the property's charming original features.
The Tower Bar, which opened in 2006, quickly became one of the hottest in L.A., attracting big-name celebrities like Gwyneth Paltrow and Jennifer Aniston.
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