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December 18, 2018
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The Courtyard Long Beach Airport in Long Beach Trades Hands

11/13/18

In a recent LA-area hotel trade, Harbor Hotels LLC, an affiliate of Cornerstone Hotel Group LLC, has purchased the 159-room Courtyard Long Beach Airport, a Marriott hotel . The price was not given out.

The hotel, located at 3841 North Lakewood Blvd in Long Beach, sits in the heart of Douglas Park, adjacent to the Long Beach Exchange and just one mile from Long Beach Airport. The Boeing offices, the 1.1 msf Mercedez Benz training facility and the Long Beach Convention Center are also in proximity to the property.

Rod Apodaca of CBRE Hotels represented the buyer, Harbor Hotels LLC, an Arizona-based high net worth family investor group.

“The Long Beach hotel market has been doing very well,” said Apodaca. “This hotel is in an exceptional location, plus the quality of the Marriott brand was a major factor in the buyer’s decision-making process. The combination of these factors has contributed to the hotel’s preeminent position in the market.”

Long Beach has benefitted from the revitalization of its downtown core, which features ample shopping, dining and entertainment offerings. This has also benefitted many of the city’s other areas, such as the airport, which is often considered a viable alternative to other regional flight hubs. The addition of routes by such carriers as JetBlue and Southwest have also boosted its visibility.

In addition, there are more than 1,600 housing units under construction in the Long Beach area, the Aquarium by the Pacific is wrapping up a $53 mil expansion and third-quarter office rents in the market have increased 8% over last year due to rising demand from employers, according to CBRE research.

Buoyed by the area’s growing appeal, occupancy and average daily rates for Long Beach hotels are expected to increase for this year, according the 2019 Southern California Lodging Forecast by CBRE’s hotels division.




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