Developed by
TrizecHahn and with funds from the Community Redevelopment Agency, the complex opened as
Hollywood & Highland after three years of construction in November 2001. The project was an example of joint development, in which a public agency leases the right to develop a parcel in exchange for improvements to the property, in this case, an enhanced portal to the
Hollywood/Highland Metro B Line station and a 3,000 space underground parking lot. TrizecHahn leased of
Los Angeles County Metropolitan Transportation Authority land for 55 years at a rate of $492,000 per year (with additional increases added every five years based on the Consumer Price Index) and four 11-year optional extensions. Leading up to the construction of the development the City of Los Angeles was persuaded, through its Community Redevelopment Agency (CRA), to contribute at least $90 million in 1998 toward the site's initial construction. This was in addition to the costs of constructing the Red Line subway station below the mall.
Trizec Properties sold its interest in the development for over $200 million in 2004 to
CIM Group. CIM rebranded Hollywood & Highland and repositioned the center with higher-end tenants. In 2005, the center underwent renovations to add additional features such as escalators leading visitors from Hollywood Boulevard directly to the third floor of the central courtyard, new signage, and new stores. In 2019, real estate investment firms DJM Capital Partners, Inc. and
Gaw Capital partnered and purchased the mall for $325 million. They announced plans for a major renovation to include both rebranding and upgrading the retail levels and courtyard, adding office space in the upper floors, and removal of the Babylon themed decor. The renovations on this complex began work in 2020. The renovated complex was then renamed and rebranded to
Ovation Hollywood in 2022. ==Controversy and criticism==