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COPYRIGHT 2004 Business Wire
Business Editors
CHICAGO--(BUSINESS WIRE)--Feb. 27, 2004
Trizec Properties, Inc. (NYSE: TRZ) today announced the sale of Hollywood & Highland, a retail/entertainment complex in Hollywood, Calif., for $201 million in cash. The buyer of the property, which includes the Renaissance Hollywood Hotel, the Kodak Theatre, Wolfgang Puck's Grand Ballroom and a themed retail center, was CIM Urban Real Estate Fund.
In conjunction with the sale transaction, Trizec was able to remove from its balance sheet a $30 million liability related to a bond guarantee and an $11 million liability relating to a capital lease....
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