LOS ANGELES — The Chateau Marmont, a Hollywood hotspot for nearly a century, will be converted into a members-only hotel over the next year.

The Los Angeles Times reports the owner plans to turn the 91-year-old building into a hotel where a select group of members buy into “a piece of a portfolio of the best real estate in the world."

Members will own shares of the property and pay regular fees to cover management costs. In exchange, they’ll get the use of a private dining area, a personal butler and the freedom to leave their belongings and come and go during extended stays.