The real estate arm of Paul Allen’s investment company Vulcan Inc. announced the $ 40.9 million purchase of the Redbury Hotel in Hollywood on Thursday.

The boutique hotel, located just off the Hollywood and Vine intersection in Los Angeles, is currently Vulcan’s only real estate holding outside of the Seattle area, where Allen’s company has redeveloped much of the South Lake Union neighborhood, home to Amazon’s headquarters.

“The Redbury has an excellent iconic location at Hollywood and Vine,” said Vuclan Real Estate Investment Strategy Director Lori Mason Curran. “The area has seen a lot of improvements in recent years with new development and infrastructure investments and we anticipate that this Hollywood renaissance will continue.”

Vulcan purchased the hotel from luxury hospitality brand sbe. Sbe will continue to manage the property under the new ownership.

The Redbury Hotel is a luxury 57-suite building, containing an upscale restaurant (Cleo) and bar (The Library). The hotel features an eclectic bohemian aesthetic.

“With Hollywood’s high barriers to entry, we are very excited to have this opportunity to enter into this market,” Mason Curran said. “We are not looking at making any immediate changes to the Redbury. It is an established brand with a loyal following and a good track record of performance.”

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