Live Nation Inc. has singed a 20-year lease to manage and restore the landmark Hollywood Palladium.

Beverly Hills-based Live Nation, the largest live-show venue operator in the world, said Wednesday it plans to invest millions in a renovation of the historic 66-year-old venue.

Live Nation said it would renovate the 4,000-seat hall and reopen it in September of 2008. Some of the renovations and improvements Live Nation’s plans include are doubling the restroom facilities, a major upgrade for the outdated stage infrastructure as well as a facelift to the interior and exteriors of the building. The company said it would preserve the Art Deco-style building’s “original aesthetic integrity.”

Live Nation owns or operates 160 venues worldwide.

Shares in Live Nation were down 14 cents to $21.43 Thursday in afternoon trading on the New York Stock Exchange.