The CIM Group, which also owns the adjacent Hollywood &Highland Center, has been interested in acquiring the theaterproperty since it bought Hollywood & Highland in 2004,according to John Given, a principal at CIM. CIM Group acquiredGrauman's from the Damon Runyon Cancer Research Center and BarlowRespiratory Hospital.

Built in 1927 by Sid Grauman, the theater has long been ashowcase for Hollywood movie premieres. The 1,162-seat, 43,310-sftheater is operated under an existing long-term lease with MannTheatres and remains one of the top venues for high-profile moviepremieres. With more than 200 celebrity hand and foot prints, itsForecourt of the Stars attracts approximately 19 million visitorseach year.

CIM calls its new acquisition "one of the most recognizablebuildings in the world." The building is known for its 90-footpagoda-style entrance and a 30-foot high dragon carved from stoneby Chinese artisans that Grauman enlisted to create the statuaryfor the theater.