Renowned destination continues to be an attractive place to stay, play, live and work despite the ongoing pandemic as new hotels, restaurants and affordable housing comes online and visitor traffic returns to pre-Covid levels.
HOLLYWOOD, CA – The Hollywood Partnership (The HP) released its 2021 Q4 Hollywood Market Report, which also serves as its year-end market recap, presenting data and information about the state of the greater Hollywood market and its commercial core, the Hollywood Entertainment District (HED) in the final quarter of 2021. The new report reveals that Hollywood has retained its luster as a renowned destination to stay, play, live and work, despite the ongoing pandemic.
During the final three months of the year, Hollywood’s hotels saw a strong and steady recovery with increased bookings, the opening of a new hotel, and construction of two new hotels slated to open 2022. Traffic to Hollywood also increased with an uptick in domestic and international travelers from Los Angeles International Airport, many of whom traveled to Hollywood, as well as an increase in Metro ridership to the district via the B Line. While pedestrian foot traffic numbers decreased in Q4 overall due to an uptick in Omicron cases, data shows that vibrancy on the Hollywood Walk of Fame returned to levels comparable to the same period last year during the final days of the year, which signal continued interest in the Hollywood area leading into 2022.
Key trends in the Q4 2021 Hollywood Market Report include:
- Hospitality: Hotel revenue per available room (RevPAR) within the district increased 66.7% in Q4 2021 from the same period in the previous year. Q4 also welcomed one new hotel. Two more hotels are currently under construction, which will bring an additional 134 more rooms in 2022 when they come online later this year.
- Pedestrian Foot Traffic: Pedestrian foot traffic on Hollywood's Walk of Fame during the last week of the year returned to 79.2% of the level measured in Q4 2019, the last full quarter pre-Covid.
- Affordable Housing: Almost half (44.9%) of the residential units currently under construction in the HED are being set aside for low, very low, or extremely low-income tenants, an increase from 30% as reported in the HP’s Q3 2021 report.
- Getting to Hollywood: In Q4 2021, there were over twice as many passengers traveling into LAX as there were during the same period in 2020 with 15 million compared to 6.1 million; many of them Hollywood-bound. Metro’s B Line, which operates two stations in the HED, also recorded higher ridership midweek and on weekends between the third and fourth quarter of 2021.
“While 2021 was a challenging year for everyone, the Q4 report shows that Hollywood’s fundamental appeal remains strong despite the ongoing pandemic,” said Drew Planting, Board Chair for the Hollywood Partnership. “In the last quarter of the year, Hollywood’s hospitality sector thrived with the opening of several upscale hotels, attractions, and restaurants; images of Hollywood were broadcasted around the world during Gucci’s Love Parade Spring 2022; and in November, we were finally able to welcome international travelers back to Hollywood.” Planting continues, “We also celebrated our organization’s 25th year anniversary and announced the hiring of our new President & CEO, Kathleen Rawson, who will lead Hollywood into a new era when she begins February 21.”
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She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.