sbe, the Los Angeles-based hospitality company that develops, manages and operates hospitality venues, has announced the sale of The Redbury Hotel in Los Angeles, California for $40.9m.
The 57-room boutique hotel at Hollywood and Vine was sold to 1717 Vine LLC, a firm associated with Seattle-based Vulcan Inc.
The property is a luxury all-suites hotel that comprises Cleo restaurant.
The hotel opened in 2010.
sbe will continue to manage The Redbury, and work closely with the new ownership on all future plans and operations.sbe CEO Sam Nazarian said: "We are pleased with the sale of The Redbury Hollywood and the return we continue to deliver for our investors.
"sbe has a strong partnership with the new ownership, and we are looking forward to continuing the legacy of this extraordinary asset and its Cleo restaurant and The Library bar, a favorite for hotel guests and visitors."
The Redbury was a partnership between Nazarian and celebrated image maker and leading photographer, Matthew Rolston.
The brand has recently expanded to Miami Beach, Florida and the NoMad District in New York City.
Cleo restaurant was created by sbe subsidiary Disruptive Restaurant Group’s culinary partner Chef Danny Elmaleh.
It first opened as an in-hotel dinner location.
Disruptive Restaurant Group recently announced that Cleo will open its first standalone location this fall in Los Angeles.