According to a report from Bisnow, Amsterdam-based hotelier citizenM has paid $7.5 million for a property near the intersection of Hollywood Boulevard and Vine Street, with the intention of developing it into a boutique inn.

The .27-acre site, located at 1718 N. Vine Street, is currently occupied by a low-rise commercial building.

Although exact plans for the project - the company's second in the United States - are currently unclear, its location near both the iconic Capitol Records Building and the Pantages Theatre make it ideal for citizenM's "cool and styling luxury micro-units targeting Millennial travelers."

Other hotels under the citizenM brand are known for incorporating both quality design and technology, such as complimentary computer tablets which control each guest room.

The project would sit directly across the street from the equally trendy Redbury Hollywood, and a short distance from a 16-story establishment that is to be operated by Kimpton Hotels & Resorts.