The Hollywood Hotel opened in 1903 on what was then known as Prospect Ave. This photo was taken circa 1910, around the time the street got a new name: Hollywood Blvd. By then, streetcar tracks had been laid, and on the left side of this picture we can see a shaded bench, which I assume was where passengers could wait out of the California sun. Behind the hotel, we can see a glimpse of how empty the land still was, so the hotel REALLY must have stood out back then.
Here is an auto-colorized version, which does a pretty good job, I think:
Redder for roofs and probably no greeny stuff in the roadway, but nice job! There’s a Los Angeles Pacific/Pacific Electric waiting shelter over on the left edge of the property. Proof they had one before the Beverly Hills Hotel went up with their own dedicated space.