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| Fairmont Newport Beach Hotel, Newport Beach, CA |
NEWPORT BEACH, CA, March
13, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
secured $81.337 million in acquisition/bridge financing for Fairmont Newport
Beach, a 444-room, full-service, AAAA-Diamond award-winning hotel in the
Southern California community of Newport Beach, California.
HFF worked on behalf of
the borrower to place the three-year, floating-rate loan with Aareal Bank. Loan proceeds will be used to purchase the
hotel and implement a property improvement plan that will include rebranding it
as a Marriott Renaissance Hotel, Marriott’s upscale lifestyle hotel brand.
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| James Fowler |
The 10-story Fairmont
Newport Beach was completed in 1983 and renovated in 2007. The upscale hotel features 42,000 square feet
of indoor and outdoor meeting and event space; an 8,000-square-foot spa;
outdoor pool with cabanas; fitness center; tennis courts; 24-hour business
center and two food and beverage options, the Citrus and AVO Bar + Restaurant.
The rebranding process will include
renovations of the lobby, guestrooms and restaurant and bar space. Situated on 7.3 acres at 4500 MacArthur
Boulevard in Orange County, the Fairmont Newport Beach is located at the
conflux of the coastal community of Newport Beach and the commercial core of
Irvine, two of the nation’s largest master-planned urban communities.
The hotel is proximate to 54 million square
feet of office space, world-class retail and area attractions.
The HFF debt placement
team representing the borrower was led by managing director
James Fowler.
“The business plan to
renovate the hotel into a full-service, upper-upscale brand that targets
lifestyle-oriented business and leisure travelers makes perfect sense and
should do exceeding well in this market,” Fowler said.
“Not only will it upgrade the hotel to a more
innovative distinctive style, it will plug this hotel into the strength of the
Marriott reservations systems. A win-win
all the way around.”
For a complete copy of the company’s news release,
please contact:
Kristen Murphy
Director, Public Relations
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | cell
617.543.4873 | www.hfflp.com
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