Grauman's Chinese Theatre, a Hollywood landmark that attracts millions of tourists each year to its outdoor courtyard where generations of movie stars left their hand and footprints, has been purchased by Hollywood's largest commercial landlord, the Los Angeles Times reports.
CIM Group of Los Angeles says it has no plans to change the 80-year-old theater, and the purchase continues its string of acquisitions in the heart of Hollywood.
The developer already owns nearly all the property on the north side of a two-block stretch of Hollywood Boulevard between Highland and Sycamore avenues. That includes the Hollywood & Highland Center, Renaissance Hollywood Hotel, Mann Chinese 6 Theatre multiplex and the Galaxy building.
"It's important to us that key properties like Grauman's don't fall into the wrong hands," said Shaul Kuba, a principal at CIM Group. The purchase price was not disclosed.
Mann Theatres has a long-term lease on the legendary venue for movie premieres and will continue to operate it as a film house. It was sold to CIM by the Damon Runyon Cancer Research Center of New York and Barlow Respiratory Hospital of Los Angeles.
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