More Room for Hollywood
June 30, 2014
Hollywood is a world tourist destination, plain and simple. Whether it’s checking out the Walk of Fame or standing on the outside of a red carpet star-studded movie premiere just to catch a glimpse of your favorite celebrities, Hollywood is where visitors want to be…and not just “be” but also stay.
In a recent survey published by the Los Angeles Tourism and Convention Board it was noted that nearly 80% of all visitors who come to Hollywood live outside Los Angeles County, including 37.5% of those being international visitors. Of those international visitors nearly 77% of them stay between 1-2 nights here in our neighborhood. Add this population to others who are taking in the Tinseltown experience and it’s no wonder that our hotel rooms are in high demand.
With one of the highest occupancy rates (81%) last year, Hollywood hotels exceeded the countywide average by nearly five percentage points. Despite the demand, it has been said that Los Angeles (especially Hollywood) has not always had enough hotel rooms to accommodate those who are looking to stay, but that is about to change. With nearly 1,200 new guest rooms either under construction or in the planning stage, Hollywood will look to increase its current inventory by just over a third in a few short years. The best part about this guest room expansion is that it is coming in various forms.
The scope of the proposed (and recently completed) projects range from ground up builds to renovations, from boutique to big name, from short-stay to extended; Hollywood’s product offerings will be among some of the best in the city when all is said and done. Among those various offerings coming our way you can include Mama Shelter (Selma and Wilcox), a high-end boutique hotel originally out of Paris, with multiple existing locations throughout Europe. Joining in the boutique market will also be the Dream Hotel (formerly Hotel Selma) at Cahuenga and Selma. This hotel will feature 182 rooms with 4,000 sf of retail, which is sure to add to the already burgeoning Cahuenga Corridor. On a larger scale, Kimpton Hotels has announced plans to develop a 225-room hotel with a restaurant space, meeting room and common area at the corner of Argyle and Yucca. With additional projects announced and recently completed (see Kim Sudhalter’s article on Loews recent multimillion dollar renovation – coming soon!), our neighborhood will definitely have no shortage of accommodation options for those looking to call Hollywood their home for the night.
A member of the Hollywood Property Owners Alliance staff since 2007, Joseph Mariani has enjoyed seeing the continued positive growth in Hollywood. Serving as the BID’s Director of Strategic Initiatives and Business Development Mariani works closely with property owners, the retail and investment community, commercial real estate brokers and the city’s economic development team to implement the BID’s strategic marketing and communications blueprint. He holds a bachelor’s degree from the University of California, Riverside and completed his MBA at UC Irvine’s Paul Merage School of Business. Mariani is an avid sports fan, loves spending time with his amazing wife, and enjoys volunteering at the Oasis of Hollywood. Check out the latest Hollywood happenings @GoodNewsJoe