Hollywood’s Dolby Theatre Sells to Elie Samaha, Jeff Sagansky, Others, for About $50M
By Nick Trombola October 16, 2024 2:39 pm
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Turns out film producers and investors Elie Samaha and Jeff Sagansky weren’t competing to acquire Hollywood’s Dolby Theatre — they were working together.
Jebs Hollywood Entertainment — a gaggle of investors led by Samaha as managing partner — acquired the theater on Hollywood Boulevard, according to Avison Young, which announced the news Tuesday. The California Public Employees’ Retirement System (CalPERS) ultimately sold the 3,400-seat theater for around $50 million, a person familiar with the deal told Commercial Observer.
Castellan Real Estate Partners provided a $27 million acquisition loan to Jebs for the purchase, according to The Real Deal. The debt was arranged by Slatt Capital’s Antonio Hachem, Cornelius Baliukonis and Wendy Wang. Avison Young’s Chris Bonbright represented Jebs in the sale, while JLL (JLL)’s Will Poulsen and Peter Hajimihalis, along with Muhlstein CRE’s Carl Muhlstein, represented CalPERS.
Jebs includes Sagansky, SMB Bradley founder and CEO Sherwin Jarol, A Lot Media founder and CEO Jonah Lazowski, Two Girls Holdings and Emirati Sheikh Abdullah bin Mohamed Al Qasimi, via his Master Investment Group.
“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 Theatre,” Bonbright said in a statement.
The $50 million price tag is a significant drop from the $94 million it took to build the theater in 2001, and still a bargain compared to the $70 million sale price that Bloomberg last year reported the property could fetch.
Such a deal is undoubtedly welcome to Samaha, who has slowly built up a portfolio of iconic Hollywood properties, including the TCL Chinese Theatre, which sits adjacent to the Dolby, as well as Japanese restaurant (and “Kill Bill” filming location) Yamashiro Hollywood.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
