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3/14/17
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HFF arranged $81.3 mil in acquisition/bridge financing for the recent purchase of Fairmont Newport Beach, a 444-room, full-service, AAAA-Diamond award-winning hotel in Newport Beach. The asset was acquired about a month ago for approximately $125 mil by Infinity Realty Advisors, on behalf of an unnamed investor.
The Fairmont Newport Beach was sold by Sunstone Hotel Investors. It will be rebranded by the new owner as a Marriott Renaissance Hotel, Marriott’s upscale lifestyle hotel brand. The $18 mil rebranding process will include renovations of the lobby, guestrooms and restaurant and bar space.
The 10-story hotel was completed in 1983 and renovated in 2007. It features 42k sf of indoor and outdoor meeting and event space; an 8k sf 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 Fairmont Newport Beach is situated on 7.3 acres at 4500 MacArthur Blvd, at Birch St, a couple of blocks east of John Wayne International Airport. It 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.
HFF’s James Fowler arranged the three-year, floating-rate loan with Aareal Bank. The new owner’s business plan is to renovate the hotel into a full-service, upper-upscale brand that targets lifestyle-oriented business and leisure travelers.
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