Trizechahn Corp

TrizecHahn Centers has purchased the 470-room Holiday Inn Hollywood as part of its plan to build a major entertainment and retail complex near the historic Mann Chinese Theater on Hollywood Boulevard. The company would not reveal the sales price, but people familiar with the deal said the 23-story hotel was purchased from Hollywood Associates for an estimated $35 million. TrizecHahn Centers, which manages retail operations for Toronto-based TrizecHahn Corp.

Despite complaints from Hollywood Hills residents that the Hollywood-Highland commercial complex is a nuisance, the Los Angeles City Council on Friday approved an agreement with the developer preserving its rights to operate under special rules for 20 years. City officials said a key provision of the development agreement is a condition requiring the mall owner, TrizecHahn Hollywood LLC, to do everything it can to keep the Academy Awards at the Kodak Theater for the next two decades.

TrizecHahn Corp. said first-quarter earnings rose 8.4%, led by revenue from its Hollywood & Highland retail project. Net income was $45.6million, or 30 cents a share, the Toronto-based company said. Revenue rose 11% to $237.1million. Results include a full quarter's contribution from the $615-million Hollywood & Highland retail and theater project. The firm already has taken a $239.4-million charge to write down the project, which was completed in November and will be sold.

TrizecHahn Corp. said first-quarter earnings rose 8.4%, led by revenue from its Hollywood & Highland retail project. Net income was $45.6million, or 30 cents a share, the Toronto-based company said. Revenue rose 11% to $237.1million. Results include a full quarter's contribution from the $615-million Hollywood & Highland retail and theater project. The firm already has taken a $239.4-million charge to write down the project, which was completed in November and will be sold.

TrizecHahn Corp. said that it anticipates selling the Hollywood & Highland and Paseo Colorado developments--both under construction--after late 2002 to focus on its office and technology center properties. In addition, the Canadian developer said it will sell its ownership stake in Desert Passage, a giant Las Vegas shopping mall that opened last year. Hollywood & Highland--a retail, entertainment and hotel complex in the heart of Hollywood--is scheduled to open in November.

Westfield America Inc., one of the nation's fastest-growing mall companies, bought the Palm Desert Town Center from TrizecHahn Corp. for $82 million, bolstering its position as the state's top shopping mall owner. Money for the acquisition came from an $86-million offering of convertible preferred stock. The 129-store mall will be remodeled and renamed the Westfield Shoppingtown Palm Desert, said Los Angeles-based Westfield America.

Los Angeles-based real estate developer Maguire Partners and Canadian real estate company TrizecHahn Corp. on Wednesday said they had ended negotiations to create a joint venture. TrizecHahn said it suspended talks "until further notice" that would have resulted in the Canadian company acquiring a majority stake in one of Los Angeles' largest development companies. The Toronto-based company issued the announcement after the Wall Street Journal reported that an agreement had been reached.

TrizecHahn Corp., a Canadian real estate company headed by financier Peter Munk, said it's forming a real estate investment trust that will own its U.S. office assets and benefit from U.S. tax laws. The creation of the REIT is part of a plan by TrizecHahn to focus on its U.S. office properties and sell the rest of its assets, spokesman Rick Matthews said.

Toronto-based real estate giant TrizecHahn Corp. said Monday that it will sell its interest in 20 U.S. shopping malls to two U.S. real estate investment trusts--including Los Angeles-based Westfield America Inc.--in a $2.54-billion deal. The sale of the shopping centers--which include Fox Hills Mall in Culver City and Horton Plaza in San Diego--to Westfield and Rouse Co. marks a major exit by Canada's largest real estate company from the U.S. retail sector.

The developers and operators of Staples Center in downtown Los Angeles have been hired to manage the new 4,000-seat theater that will serve as the permanent home for the Academy Awards show in Hollywood. Anschutz Entertainment Group will manage the Kodak Theatre as part of a partnership formed with Canadian developer TrizecHahn Development Corp., which is building the theater as part of the $567-million Hollywood & Highland real estate project.

TrizecHahn Corp., a Canadian real estate company headed by financier Peter Munk, said it's forming a real estate investment trust that will own its U.S. office assets and benefit from U.S. tax laws. The creation of the REIT is part of a plan by TrizecHahn to focus on its U.S. office properties and sell the rest of its assets, spokesman Rick Matthews said.

Los Angeles-based real estate developer Maguire Partners and Canadian real estate company TrizecHahn Corp. on Wednesday said they had ended negotiations to create a joint venture. TrizecHahn said it suspended talks "until further notice" that would have resulted in the Canadian company acquiring a majority stake in one of Los Angeles' largest development companies. The Toronto-based company issued the announcement after the Wall Street Journal reported that an agreement had been reached.

TrizecHahn Corp. said that it anticipates selling the Hollywood & Highland and Paseo Colorado developments--both under construction--after late 2002 to focus on its office and technology center properties. In addition, the Canadian developer said it will sell its ownership stake in Desert Passage, a giant Las Vegas shopping mall that opened last year. Hollywood & Highland--a retail, entertainment and hotel complex in the heart of Hollywood--is scheduled to open in November.

The developers and operators of Staples Center in downtown Los Angeles have been hired to manage the new 4,000-seat theater that will serve as the permanent home for the Academy Awards show in Hollywood. Anschutz Entertainment Group will manage the Kodak Theatre as part of a partnership formed with Canadian developer TrizecHahn Development Corp., which is building the theater as part of the $567-million Hollywood & Highland real estate project.

After building countless suburban shopping malls, real estate giant TrizecHahn is betting hundreds of millions of dollars that Southern Californians are ready for something different. Hollywood & Highland, a $560-million retail and entertainment complex that will serve as the permanent home for the Academy Awards show, is being built in Hollywood by TrizecHahn's development arm.

Westfield America Inc., one of the nation's fastest-growing mall companies, bought the Palm Desert Town Center from TrizecHahn Corp. for $82 million, bolstering its position as the state's top shopping mall owner. Money for the acquisition came from an $86-million offering of convertible preferred stock. The 129-store mall will be remodeled and renamed the Westfield Shoppingtown Palm Desert, said Los Angeles-based Westfield America.

TrizecHahn Corp., a large Toronto-based, publicly held real estate company that has been aggressively buying downtown office buildings across the United States, is making a move on the heart of Long Beach. Last week TrizecHahn bought one of Long Beach's premier office towers, Landmark Square, for $86 million from a partnership including broker John Cushman, co-founder of Los Angeles-based Cushman Realty Corp.

The city plans to spend $90 million on its share of a two-block Hollywood development that officials hope will jump-start revitalization efforts. Releasing the details of a development deal that will go before the City Council later this month, city leaders said the Los Angeles Community Redevelopment Agency will put up $60 million to build an underground parking garage and $30 million toward construction of a live-broadcast theater that will be home to the Academy Awards ceremony.

TrizecHahn Corp., a large Toronto-based, publicly held real estate company that has been aggressively buying downtown office buildings across the United States, is making a move on the heart of Long Beach. Last week TrizecHahn bought one of Long Beach's premier office towers, Landmark Square, for $86 million from a partnership including broker John Cushman, co-founder of Los Angeles-based Cushman Realty Corp.

TrizecHahn Centers Inc., developer of a major shopping and entertainment complex in Hollywood, topped the list of big spenders on lobbyists working Los Angeles' city government this spring, according to a report released Thursday by the city Ethics Commission. The commission provides information on lobbying activity based on quarterly reports filed with the panel.