The Dolby Theatre, formerly known as the Kodak Theatre, stands prominently along Hollywood Boulevard and has long been a key tourist attraction in Los Angeles. This iconic venue, renowned for hosting the annual Academy Awards, has recently changed ownership. The purchase was made at half the construction cost from over two decades ago, which had originally been around $94 million.

Representing the buyer, commercial real estate firm Avison Young announced that JEBS Hollywood Entertainment, led by Hollywood producer Elie Samaha, acquired the Dolby Theatre located at 6801 Hollywood Boulevard. This entity was specifically created for the acquisition, with ownership stakes including former Sony Pictures president, members of the UAE royal family, and various real estate executives.

Spanning 180,000 square feet, the Dolby Theatre features two adjacent parking lots. According to sources familiar with the transaction who spoke to TRD, the sale price was approximately $50 million. The property had originally been constructed at a cost of $94 million in 2001.

The Dolby Theatre is surrounded by the Ovation Hollywood shopping center, which covers 475,000 square feet and has recently undergone significant renovations. Additionally, it is situated near two historic cinemas: Disney’s El Capitan Theatre and the TCL Chinese Theatre.

With a seating capacity of 3,400, the Dolby Theatre has served as the backdrop for the Oscars for over 20 years, along with popular shows such as “American Idol,” “America’s Got Talent,” and performances by Cirque du Soleil. Sales records indicate that a contract has been signed between the Dolby Theatre and the Oscars’ organizers to continue hosting the award ceremony until 2028. The naming rights with Dolby Laboratories will remain in effect until 2032.

Prior to this transaction, the Dolby Theatre was owned by the California Public Employees’ Retirement System (CalPERS).