Newport Beach Marriott Sold for $216M, California’s Largest This Year
Newport Beach Marriott Sold for $216M, California’s Largest This Year
https://www.connect.media/newport-beach-marriott-sold-for-216m-californias-largest-this-year/
November 9, 2020
Newport Beach-based Eagle Four Partners, LLC and Lyon Living acquired the 532-guestroom Newport Beach Marriott Hotel & Spa in Newport Center from Host Hotels reportedly for $216 million. Atlas Hospitality Group reports it is California’s largest hotel transaction so far this year.
A comprehensive renovation of both public space and guestrooms including exterior enhancements are planned for the 10-acre property at 900 Newport Center Dr.
Eagle Four Partners’ Kory Kramer says, “As local owners and operators, we are thrilled to be acquiring the Newport Beach Marriott Hotel & Spa and adding it to our portfolio of iconic hospitality and lifestyle residential assets. Being an integral part of the community fabric of Newport Beach, we are dedicated to a transformative renovation in 2021 bringing the hotel to a new level of guest experience and service befitting its location in the heart of Newport Beach.”
CBRE Hotels’ Robert J. Webster, Michael DiPrima and Diana Simpson advised seller. The CBRE Hotels Debt & Structured Finance team of Mark K. Owens and Bill Grice secured $170 million in acquisition and renovation financing for the buyer.
