Hollywood’s beloved Dolby Theatre, home of the Oscars, has traded hands. It is located within the Ovation Hollywood retail complex.

A private syndicate of investors, under the JEBS Hollywood Entertainment title, came together to purchase the cinema for an undisclosed sum. The company is led by managing partner Elie Samaha, and also includes former Sony Pictures Entertainment president Jeff Sagansky and a member of the UAE ruling family.

Samaha is a longtime Hollywood producer, known for movies including “Battlefield Earth,” “The Boondock Saints,” “Green Dragon” and “The Immortals.” He has invested heavily in Hollywood entertainment destinations, being the owner and operator of the Yamashiro Restaurant, also known as Hollywood Mountain, as well as leading the teams at the Dolby-adjacent TCL Chinese Theatre and Chinese Six cinemas.

“The new ownership intends to continue its association with the Academy Awards while significantly increasing the number and variety of live performances, including many renowned Latin and other international acts at the fabled Dolby Theatre,” Avison Young principal and managing director Chris Bonbright, who represented the buyer, said in a statement. “Through its long-term and highly successful operation of the Chinese Theatre, JEBS Hollywood Entertainment is an ideal synergistic owner-operator of this world-famous entertainment venue.”

The seller who wants to remain unnamed was represented by Jones Lang LaSalle Inc. and Carl Muhlstein of Muhlstein CRE.

The sale of the 180,000-square-foot cinema also came with two nearby parking lots known as the Academy and Jimmy Kimmel lots, spanning 1.45 acres total.

Commercial mortgage banking firm Slatt Capital Inc. arranged acquisition financing for the portfolio of all three.

“Elie Samaha is recognized for revitalizing iconic Hollywood properties and sees untapped potential in the Dolby Theatre,” Slatt Capital President Michael Kaplan said in a statement. “Having transformed the TCL Chinese Theatre from an underutilized venue into a world-famous attraction, Mr. Samaha and the JEBS team plans to apply similar strategies with the Dolby Theatre property.”

The 3,400-seat venue was originally listed for sale in October 2023. While terms of the deal were not disclosed, Bloomberg estimated it could be worth around $70 million at the time of listing.