Mid-Wilshire real estate investment firm CIM Group has sold its new 286-room West Hollywood hotel at the intersection of Sunset and La Cienega boulevards for an undisclosed amount, the company announced this week.
International private investment firm Starwood Capital Group bought the hotel, which is scheduled to open next month as the Jeremy Hotel and is part of a larger mixed-use project.
CIM Group sold the residential component of the 500,000-square-foot project, called 8500 Sunset, last month. It will retain the 42,000 square feet of street-level retail space, about half of which has been leased to Fred Segal for a new flagship store, CIM said in a statement.
Caroline Anderson is a staff reporter covering restaurants, retail and hospitality. She can be reached at firstname.lastname@example.org.