Q3
2021
DREAM V
Dream V Property Update
UPDATE ON THE OPERATIONS OF DREAM HOTEL AND THE ADJACENT TAO GROUP F&B VENUES
Dream V 2021 Q3 Report
UPDATE ON THE OPERATIONS OF DREAM HOTEL AND THE ADJACENT TAO GROUP F&B VENUES
LOCATION
6417 Selma Ave
Hollywood, Los Angeles, California
ANNOUNCEMENT
Relevant is pleased to announce that the Dream V project has successfully fulfilled all job creation requirements for its investors, and that we will now be switching to a leasing structure with Tao Hospitality. Aside from this, the venues kicked off 2021 with a bang – welcoming celebrities like Drake, hosting a filmed feature of award-winning Dos Hombres, and enjoying indoor dining once again now that COVID guidelines have eased.
INTRODUCTION
Opened in Q2 2017 and located in the center of Hollywood’s Vinyl District, Dream Hollywood is the Dream Hotel Group’s west coast flagship hotel. The 178- key luxury lifestyle hotel features over 15,000 square feet of food & beverage space operated by renowned hospitality and nightlife company Tao Group. Dream’s 10,000 square foot rooftop features a lounge, café, and pool, all with sweeping unobstructed views of the Hollywood Hills. The Tao Group venues have rapidly developed into a must-see culinary and nightlife experience in Hollywood.
DRAKE, INDOOR DINING , & DOS HOMBRES
In Q3 of 2021, Tao, Dream, and The Highlight Room were excited to welcome guests back indoors, while still keeping outdoor patios open for those who prefer to dine outside. With visits from top rap star Drake and birthday parties for celebrities like Belly, Hollywood’s favorite outdoor hospitality destinations returned in style. Bryan Cranston (a renowned film, TV, and theater actor) and Aaron Paul (the critically- acclaimed star actor of Breaking Bad) filmed a feature for their Dos Hombres award-winning artesanal Mezcal on the beautiful Highlight Room rooftop. In line with city guidelines, the venues enjoyed opening their bars with expanded capacity and seating while ensuring the utmost safety of each guest.
NIGHTLIFE RETURNS, TYGA MIDSUMMER PARTY
In Q3 of 2021, Tao Restaurant was thrilled to announce they are once again offering bar service and expanding capacity in the indoor dining room and lounge. They also hosted the Tao Swedish Midsummer party with Compton rapper Tyga – the 64th most listened to artist in the world. At the Highlight Room, Gunna celebrated his birthday, while the rooftop bar fully reopened with even greater permitted capacity – allowing guests to once again enjoy late night cocktails at the Grill, dance parties under the stars, and poolside events on the weekend. Starting Memorial Day, the Highlight Room invited guest DJs every Saturday & Sunday to perform the sounds of summer while guests soak up the sun poolside.
COVID RECOVERY & NEW LEASING STRUCTURE
HIRC’s Dream V properties experienced an active and successful start to 2021. Our property managers have worked hard to continuously get better at adapting to the circumstances caused by COVID-19, and they always find creative ways to attract and maintain high levels of guest activity. HIRC’s partnership with Tao Group Hospitality has also switched from a project owner structure to a leasing structure with the TAO venues (Tao Restaurant and The Highlight Room). In 2021, we are now collecting rent from TAO Hospitality for these venues, which allows for more consistency in our income, less variability, and more streamlined management.
HOLLYWOOD INTERNATIONAL REGIONAL CENTER
LOS ANGELES OFFICE
1605 North Cahuenga Blvd Hollywood, CA, 90028
+1 323 466 1400