Oxford Capital Group and Oxford Hotels & Resorts are developing the property, located at 1400 Cahuenga Boulevard. The seven-story luxury lifestyle hotel will consist of 220 guest rooms, a rooftop pool deck and bar, and a centralized courtyard with a wine bar. About Last Knife, Oxford's casual steakhouse restaurant, will occupy part of the ground floor.
The project is being designed by local architecture firm Steinberg Hart, and the interiors are being designed by Chicago-based Gettys Group.
Oxford Hotels & Resorts currently operates three other Godfrey Hotel locations in Chicago, Boston, and Tampa.
The Godfrey Hollywood has previously been announced as opening this Spring.
Just south on Cahuenga Boulevard, a seven-story residential-retail complex is under construction. The neighboring Academy on Vine development is also in the works, with Netflix signed on to lease 355,000 square feet of office space.