The Chateau Marmont, a Hollywood hotspot and hangout for nearly a century, will be converted into a members-only hotel over the next year.
The owner, André Balazs, confirmed his plans to turn the 91-year-old building into a hotel at which a select group of members buy into “a piece of a portfolio of the best real estate in the world”, the Los Angeles Times reported.
Members will own shares in the property and pay regular fees to cover management costs. In exchange, they will be given use of a private dining area, a personal butler and the freedom to leave their belongings and come and go during extended stays, according to a statement obtained by the Times.
“Members will be able to sell their shares back to the management company or other approved members, as they would with any other real estate investment,” the statement said.
The hotel in West Hollywood had nearly operated as a members-only property, it added, given that before the coronavirus pandemic 70% of guests were repeat customers.
Like other hotels, the Chateau Marmont has been hit hard by the pandemic, leading management to fire most of its staff in March with no severance pay and only a brief extension of health benefits, the newspaper said.
The castle-like property was originally built as an apartment complex in the 1920s before it was converted to a hotel in 1931. It has been a favourite haunt of actors and celebrities including Greta Garbo, Hunter S Thompson, Howard Hughes, James Dean, John Belushi and Lindsay Lohan.