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1/14/15
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A joint venture of AWH Partners LLC and Starr Companies has purchased the Los Angeles Marriott Burbank Airport, a 488-key, full-service, Marriott-branded hotel and conference center in Burbank. It was sold by a privately-owned real estate investment company.
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 within the Tri-Cities office market, the fourth largest office submarket in the Los Angeles area.
The hotel, which recently underwent a $10 mil renovation, is composed of a nine-story West Tower and an eight-story East Tower with an adjacent conference center that features nearly 46k sf of indoor/outdoor function space. There are 93 suites, 219 king and 269 double rooms. 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.
Scott Hall of HFF represented the seller in this deal. According to Hall, 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.
AWH Partners, LLC is a privately held real estate investment, development and management firm and Starr Companies is a global insurance and investment organization.
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