The iconic Dolby Theatre, known for hosting the Academy Awards, has been acquired by Jebs Hollywood Entertainment, an enterprise spearheaded by Elie Samaha. This announcement regarding the 3,400-seat venue was made public on Tuesday by Avison Young, the real estate brokerage representing the new owners.
Samaha, a veteran producer, is known for his substantial investments in Hollywood’s entertainment sector, as well as in dining and nightlife venues. He is joined in this venture by Sherwin Jarol, a former president at Sony Pictures Entertainment, alongside Jeff Sagansky, Jonah Lazowski, Two Girls Holdings, and Sheikh Abdulla Bin Mohamed Al Qasimi through his investment firm, Master Investment Group.
However, Jebs also owns the nearby TCL Chinese Theatre and Yamashiro restaurant, which they recently listed with Avison Young. While specific financial details were not disclosed, reports suggest that the sale may have closed for around $50 million, according to The Real Deal. The Academy has yet to comment on the transaction.
Since 2002, the Dolby has served as the venue for the Oscars and continues to host various live events throughout the year, including upcoming performances such as the Los Angeles Ballet’s “Cinderella” and “The Nutcracker,” as well as a concert featuring “Avatar: The Last Airbender.” The purchase also encompasses two surface parking lots.
Representing the buyer in this transaction was Chris Bonbright, principal and managing director at Avison Young. On the seller’s side, Will Poulsen, Peter Hajimihalis from JLL, and Carl Muhlstein of Muhlstein CRE were involved.
The financing for the deal was facilitated by Castellan Real Estate Partners and arranged by Slatt Capital, with key contributions from Antonio Hachem, Cornelius Baliukonis, and Wendy Wang.
Bonbright expressed optimism about the new ownership, stating that it aims to maintain its relationship with the Academy Awards while expanding the range and frequency of live performances.
He highlighted plans to include renowned Latin and other international acts at the historic Dolby Theatre. With Jebs Hollywood Entertainment’s successful track record in operating the Chinese Theatre, he believes they are perfectly suited to manage this esteemed venue.