A gang of unique outcasts and misfits live in a downtown Los Angeles fleapit, known locally as the "Million Dollar Hotel". Their story is seen through the eyes of a lovesick innocent named Tom Tom (Jeremy Davies), who has fallen head over heels for the tarnished street angel Eloise (Milla Jovovich). As their relationship develops, the Million Dollar Hotel becomes the focus of a police investigation: one of its residents, the engaging junkie Izzy, has come to a grisly end. To the amazement of his neighbours, he is revealed to have been the son of a billionaire media magnate. Every denizen of the Million Dollar Hotel falls under suspicion in the enquiry led by FBI hardliner, Detective Skinner Mel Gibson. As Skinner's investigation proceeds, the lines between murder and suicide, sane and deranged, become very blurred indeed.