HOLLYWOOD (CBSLA) — One of the most popular tourist spots in Hollywood is set for a major facelift.

Hollywood & Highland has been sold and its new owners are promising to “reimagine” the 7.6-acre, 460,000-square-foot shopping and entertainment complex over the next two years.

(credit: travelview/shutterstock)

The San Jose-based real estate and investment firm DJM and Hong Kong- and Los Angeles-based  equity firm Gaw Capital bought the 2001-vintage complex from the CIM Group for an undisclosed amount. The price was not disclosed and the deal does not include the Dolby Theatre, which has hosted the Oscars since 2002.

HOLLYWOOD, CA – FEBRUARY 21: Preperations continue for the 87th Annual Academy Awards at Dolby Theater on February 21, 2015 in Hollywood, California. (Photo by Christopher Polk/Getty Images)

DJM and Gaw say they hope to “upgrade the retail hub,” improve common areas, increase entertainment events, and bring the complex “a fresh design and rebrand bolstered by relevant global brands, top-of-the-line food and beverage experiences and a state-of-the-art digital concept.”

(credit: Diego Grandi/shutterstock)

“The retail landscape has shifted, consumer tastes have adapted and `New Hollywood’ is constantly redefining itself,” Stenn Parton, chief retail officer at DJM, said in a statement.

The renovation work is expected to begin next year and be completed in 2021.

(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)

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