Grauman's Chinese Theatre, a Hollywood landmark since 1927 is destined for some changes.
A change in ownership in the works -- along with lots of rumors. One is the possibility of a nightclub conversion.
The Hollywood Reporter noted in an April 28 story that Mann Theatres, jointly owned by Warner Bros. and Paramount/Viacom expects to sell the theatre along with the lease for the Chinese 6 (in the adjacent Hollywood & Highland complex) to nightclub operators Elie Samaha anmd Don Kushner.
The pair also have an interest in the clubs that occupy the former Fox and Vogue theatres. Fishbowl LA also had some comments.
Mann Theatres (formerly the Fox West Coast circuit) has been gradually been winding down its business. Recently the Criterion in Santa Monica went to AMC. The Glendale operations are slated for closure soon.
See our page on the Chinese Theatre for more about the building. The photo here is one of my 2007 views from that page.