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| Los Angeles Marriott Burbank Airport Hotel, 2500 North Hollywood Way, Burbank, CA |
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| Scott Hall |
SAN DIEGO, CA – HFF announced that it has closed the sale of
the Los Angeles Marriott Burbank Airport, a 488-key, full-service,
Marriott-branded hotel and conference center in Burbank, California.
HFF marketed the property on behalf of the seller, a
privately-owned real estate investment company.
The joint venture of AWH Partners, LLC and Starr Companies
purchased the offering. AWH Partners,
LLC is a privately held real estate investment, development and management firm
and Starr Companies is a global insurance and investment organization.
The
hotel is located at 2500 North Hollywood Way adjacent to the Bob Hope Airport
and Amtrak-Burbank Airport train terminal in the north Los Angeles suburb of
Burbank.
The Los Angeles
Marriott Burbank Airport is located in the Tri-Cities office market, the fourth
largest office submarket in the Los Angeles area.
The hotel, which recently underwent a $10 million renovation, is
composed of a nine-story West Tower and eight-story East Tower with an adjacent
conference center that features nearly 46,000 square feet of indoor/outdoor
function space.
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| Bob Hope Airport, Burbank, CA |
Ninety-three suites,
219 king and 269 double rooms comprise the 488 guest rooms, and amenities
include a fully-equipped fitness center, business center, two heated outdoor
pools, spa and a concierge lounge and restaurant with dine-in and in-room
dining options.
The
HFF investment sales team representing the seller was led by managing director Scott
Hall.
“The
Marriott Burbank transaction represented a unique opportunity for the buyer to
benefit from the asset’s strong and continuously improving performance
following our client’s strategic capital improvements, while also presenting
additional upside from future business plan flexibility,” Hall said.
“The strength of the
Burbank submarket, the robust underlying fundamentals for Southern California’s
lodging market, and recent renovations which have significantly enhanced the
hotel’s competitive positioning all point to significant RevPAR gains for the
property moving forward.”
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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