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Landmark Hotel to Be Renovated

May 21, 1999|JESUS SANCHEZ | TIMES STAFF WRITER

The owners of the former Holiday Inn Hollywood on Thursday said the 22-story landmark will undergo a $130-million renovation and expansion that will transform the property into a four-star hotel managed by Marriott International Inc.

The new Renaissance Hollywood hotel is scheduled to open in two years as part of Hollywood & Highland, a $430-million retail and entertainment project being built by Canadian developer TrizecHahn Corp. The development has been promoted by business executives and public officials as key to revitalizing Hollywood after decades of decline.

"This is going to induce a lot of demand [for hotel rooms] into the area," said Pam Greason, a lodging specialist with PKF Consulting. The hotel "is going to be in an enviable position."

The hotel has been closed since April 1, when TrizecHahn, which purchased the property in 1997, began the renovation. The make-over will involve gutting the interior and building a new wing that will face Highland Avenue. The project will boost the hotel's size to 640 rooms, which will include 120 residential suites aimed at business travelers on extended visits. The hotel's rooftop restaurant will be converted to a presidential suite.

Marriott will operate the hotel under its upscale Renaissance brand. The hotel had operated as a Holiday Inn since opening in 1972.

News of the popular hotel's closure contributed to a slight decline in Los Angeles County's hotel occupancy rate during the first quarter of 1999. Guests apparently avoided booking rooms at the property in advance of its closing.

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