The incident happened near a bus stop in the 6700 block of Santa Monica Boulevard at about 3:30 a.m. The 22-year-old pedestrian died after being rushed to Cedars-Sinai Medical Center.
The victim has been identified as Keymontae Mckenzie, a transgender woman. A longtime friend says she went by the name Unique.
"That was the first girl I met out here," said friend Andrew Scott. "The good die young."
The suspect's vehicle was described as a light-colored older model Ford Thunderbird.
L.A. City Councilman Joe Buscaino says there's been an alarming rash of hit-and-run crashes in the Los Angeles area. He proposes offering a standing reward for information leading to the arrest and conviction of drivers who flee the scene of an accident. He believes the reward will encourage witnesses to speak up.
"It's time to send a clear signal," Buscaino said. "If you leave the scene of an accident, you are a coward. You are a criminal, and you will be treated as such."
L.A. officials are also encouraging state lawmakers to make the penalties for hit-and-runs on par with the penalties for DUI offenses.
If you have any information about the Hollywood hit-and-run, you're asked to call the Los Angeles Police Department's Hollywood Division at (213) 485-4302.