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After a couple of failed bids to sell the property over the last five years, Yamashiro Restaurant and Hollywood Hills Hotel & Apartments has just been sold for nearly $40M to 1999 Sycamore LLC, a hospitality investment and development firm in Asia.
Bisnow caught up with Colliers International EVP Kitty Wallace to get the scoop. The property was marketed with no listing price, according to Kitty, who handled the sale along with Colliers EVP Stephen Algermissen.
While 1999 Sycamore initially offered an all-cash deal, it actually used financing to close the deal, Kitty tells us.
Colliers gave tours of the property to more than 100 different groups from across the globe, including Italy, London, Canada, France, Asia, Italy, the Middle East and Australia, Kitty says. There were more than 20 offers from qualified individuals, and the final round included seven buyers.
The property was purchased from Hollywood Hills Hotel Apts LLC, which has at least nine family members, according to Kitty. The family has owned the property since 1948. China's J.E. Group LLC owns 1999 Sycamore.
While one interested party wanted to make it into the next “Canyon Ranch-type resort spa," a principal of one of the tech companies in Northern California wanted to make it into a think tank for the tech industry, Kitty says. Others wanted to add condos or townhomes or make it into the next Bel Air Hotel with bungalows.
There also was a person partnering with some fashion houses in Italy who wanted to make it a fashion runway house and a private club, Kitty tells us. A couple of local families wanted to refurbish the property.
That is what 1999 Sycamore plans, at a minimum, to do and “bring back all the glory and luster to the property,” Kitty says. However, she tells Bisnow it’s too early to tell what they may do long term.
Refurbishing the property, which includes some vacant structures not currently being used, adds up to a “real estate home run" since the site is arguably one of the best west of the Mississippi, Kitty says.
Kitty tells Bisnow from the time the property was listed to the close was just over a year.
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