Gaw Capital's Revamped Ovation Hollywood Center Debuts After $100M Makeover

Unveiling Ovation Hollywood: A $100M Transformation of the Iconic Hollywood & Highland Center

After three years of anticipation, the curtains have finally been lifted on the former Hollywood & Highland Center, revealing a $100 million transformation into the Ovation Hollywood lifestyle center. This iconic shopping center on Hollywood Boulevard has undergone a major facelift, courtesy of Gensler's design prowess, and is now ready to welcome visitors with a fresh array of retail, dining, and entertainment options.

Revitalizing Hollywood's Retail Landscape

The private equity firm Gaw Capital USA, in partnership with developer DJM, announced the completion of the Ovation Hollywood project last Thursday. This five-level, 475,000-square-foot shopping center is strategically located near numerous historic attractions, including the TCL Chinese Theatre and the Hollywood Walk of Fame, making it a key anchor in the bustling tourist strip.

Visitors can look forward to new attractions such as Café de Leche, Tacos Neza, and a pop-up shop for Kylie Cosmetics by Kylie Jenner. Dining enthusiasts will be spoilt for choice with innovative concepts like The Win-Dow and BOPOMOFO, with more exciting options on the horizon. The fourth floor has been dedicated to entertainment, featuring a new comedy club, the Kookaburra Lounge, and an upcoming concept that is yet to be announced.

A New Chapter for an Iconic Property

Gaw Capital USA and DJM acquired this prime asset from CIM Group in 2019 for a reported $320 million, marking the largest single-asset retail transaction outside of Manhattan that year. Despite the extensive renovations, much of the property at 6801 Hollywood Boulevard remained open, resulting in a 110 percent increase in foot traffic this year and attracting 500,000 more visitors compared to 2022.

Previously known as the Hollywood & Highland center, the property was in dire need of a makeover. It was plagued by outdated designs, a lack of relevant retail and entertainment options, and uninspiring common areas. "The property was desperate for a new vision and a team to bring it into the future of retail," said Dan Lee, managing director of investments at Gaw Capital USA. "We've rebranded and modernized to create a dynamic world that tourists seek out and locals love."

Embracing Art and Community

The renovation process involved the removal of the controversial Babylonian-themed archway and massive elephant statues, making way for a large public art program. Ovation Hollywood has also been hosting a variety of experience concepts, such as the 15,000-square-foot Bob Marley "One Love Experience" art show and the Gelato Festival World Masters. In addition, it has been the venue for studio film premieres, movie nights, run clubs, and maker’s markets, most of which have been free and open to the public.

With its fresh new look and exciting offerings, Ovation Hollywood is set to redefine the retail and entertainment landscape in Hollywood, offering a unique blend of shopping, dining, and entertainment experiences that cater to both tourists and locals alike.