5041-5057 Lankershim Boulevard, North Hollywood, California 91601
Assessor Parcel Numbers
2353-010-007, 2353-010-008, 2353-010-009, and 2353-010-017
Total Land Area
25,021 square feet
Gross Building Area
108,391 square feet (4.35:1 FAR)
|C4 (may be developed with residential use allowed under C4 and R4 zones)|
Proposed Building Details
Approved for a mixed-use building, including a 148-room hotel and 8,900 square feet of restaurant/retail space
85 onsite parking spaces on the ground level and a subterranean level, 9 spaces with electric vehicle (EV) charging stations, and 17 spaces that will be EV ready
Diverse Demand Drivers
The site is located in North Hollywood along Lankershim Boulevard, a major thoroughfare that provides access to Universal City to the south and the Sun Valley neighborhood to the north.
The site is proximate to major tourist attractions, including the Griffith Observatory, Hollywood Bowl, and Hollywood Walk of Fame, as well as Universal Studios Hollywood.
Hollywood Burbank Airport is an approximately twelve-minute drive to the north of the site.
The Burbank area benefits from a diverse economy anchored by entertainment and mass media, but also spanning health care and professional services, among other primary industries.
According to the Burbank Chamber of Commerce, approximately 75.0% of the scripted television shows and 25.0% of the movies produced worldwide are filmed in Burbank and surrounding areas, and this media presence has provided a strong economic foundation.
Major studios and key employers in the market include The Walt Disney Company, Warner Bros., Universal Studios, Burbank Studios, Providence St. Joseph Medical Center, and Nickelodeon Animation.
Local Lodging Market Performance Surpassed Pre-Pandemic Peak
The selected competitive set for the proposed hotel recovered from the effects of the COVID-19 pandemic and the corresponding economic downturn. A RevPAR of $190.18 was registered in 2022, compared to the pre-pandemic peak RevPAR of $180.76 in 2019.
Year-to-date through May 2023 data illustrate the continued strengthening of RevPAR levels with a 19.4% year-over-year increase.
Fully Entitled Hotel Development Site
The site has been approved for a seven-story, 88-foot-high, mixed-use building to house a 148-room hotel and 8,900 square feet of restaurant/retail space, inclusive of parking on the ground level and a subterranean level.
A 19.0% increase from the original allowable density for the site was approved in December 2022 after a process spanning multiple years with the Los Angeles City Council.
Ownership has received interest in the project from multiple hotel brands, including the Tribute Portfolio (Marriott) and Hotel Indigo (IHG).
Limited New Hotel Supply
The 90-room Cambria Hotel Burbank is currently under construction at 201 South Glenoaks Boulevard, approximately five miles to the east of the Site. The hotel is slated to open in early 2024 and will likely compete for similar commercial and leisure demand given its proximity.
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