Dolby Theatre, Venue for the Oscars, Sells for $50 Million
A New Era for the Iconic Theatre
The Dolby Theatre, home of the Academy Awards for over two decades, has changed hands after a year on the market. JEBS Hollywood Entertainment, a limited liability company led by Hollywood producer Elie Samaha, has purchased the 3,400-seat theatre for approximately $50 million.
A Price Tag Far Below its Original Construction Cost
The 180,000-square-foot property, which includes two adjacent parking lots, was expected to sell for around $70 million when it went on the market in October 2023. However, the final sale price of $50 million is significantly lower than its original construction cost of $94 million in 2001. The theatre was designed by David Rockwell and has been the site of the Academy Awards since 2001.
The New Owners: A Diverse Group of Investors
The buyer, JEBS Hollywood Entertainment, is a unique group of investors brought together by Avison Young. The group includes former Sony Pictures President Jeff Sagansky, Sheikh Abdulla Bin Mohamed Al Qasimi of the United Arab Emirates’ Al Qasimi royal family, Sherwin Jarol, CEO of real estate investment firm SMB Bradley, Jonah Lazowski, son of LAZ Parking CEO Alan Lazowski, and Two Girls Holdings, a Delaware-registered shell company.
Financing the Purchase
Castellan Real Estate Partners provided JEBS with a $27 million loan to finance the purchase. The terms of the loan were not disclosed. Slatt Capital’s Antonio Hachem, Cornelius Baliukonis, and Wendy Wang arranged the financing, but did not respond to requests for comment.
A Promising New Era
Elie Samaha, the founder of JEBS Hollywood Entertainment, has a proven track record of operating successful theaters, including the iconic Grauman’s Chinese Theatre on the Hollywood Walk of Fame. Samaha previously expressed interest in purchasing the Dolby Theatre in July, setting the rumor mill in motion until Avison Young announced the deal. Avison Young’s Christopher Bonbright described the company as "an ideal synergistic owner-operator" in a statement.
The Future of the Dolby Theatre
As the new owners take possession of the Dolby Theatre, the future of the iconic venue remains uncertain. Will Samaha and his team continue to use the theatre as a premier event space, or will they seek to revamp the property to suit their own vision? Only time will tell.
FAQs
- What is the new owner of the Dolby Theatre? JEBS Hollywood Entertainment, a limited liability company led by Hollywood producer Elie Samaha.
- What is the sale price of the Dolby Theatre? Approximately $50 million
- Who are the main investors in JEBS Hollywood Entertainment? Elie Samaha, Jeff Sagansky, Sheikh Abdulla Bin Mohamed Al Qasimi, Sherwin Jarol, Jonah Lazowski, and Two Girls Holdings.
- Who provided financing for the purchase? Castellan Real Estate Partners provided a $27 million loan to JEBS Hollywood Entertainment.
