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HOLLYWOOD-The W Hotel & Residences chain has confirmed that it plans to join the $326-million Hollywood and Vine redevelopment project with a property to be jointly developed with HEI Hospitality and Gatehouse Capital. The property will include approximately 300 rooms and 150 W Residences, a restaurant, a rooftop bar, a 9200-sf spa and a pool.

GlobeSt.com reported last month that HEI had proposed the new W property, but the deal was considered a proposal only. The W chain’s parent company, Starwood Hotels and Resorts Worldwide Inc., has now signed a formal agreement with Norwalk, CT-based HEI and Dallas-based Gatehouse. The hotel will be operated by Starwood and is scheduled to open in 2008.

The Hollywood and Vine retail and housing project is one of the highest profile redevelopments in the city and is being developed under the aegis of the Los Angeles Community Redevelopment Agency. The project area is a 4.6-acre site on the block bounded by Hollywood Boulevard on the north, Argyle Avenue on the east, Selma Avenue on the south and Vine Street on the west. It is near the Hollywood/Vine Metro Rail Station and landmarks like the Kodak Theater, home of the Academy Awards show.

The hotel will be the chain’s second in Los Angeles. Its 150 residences will include units of one, two and three bedrooms with views of the Hollywood Sign. Residents of the units will have access to the hotel, including the private rooftop pool and fitness center, 24-hour room service, daily housekeeping and concierge services.

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