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 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.
The castle-like property was originally built as an apartment complex in the 1920s before it was converted to a hotel in 1931.
Members will own shares in the property and pay regular fees to cover management costs.