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11/10/20
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Newport Beach-based Eagle Four Partners and Lyon Living have teamed up in the purchase of Newport Beach Marriott Hotel & Spa, a 532-key hotel in Newport Beach. The resort was sold by Host Hotels & Resorts for approximately $216 mil, after retaining FF&E reserves.
The 16-story hotel, covering a roughly 10-acre site at 900 Newport Center Drive, is situated on the coast off Santa Barbara Dr, across from the 1.3 msf Fashion Island upscale retail complex. The hotel was built in 1975 and has undergone multiple renovations, including a $70 mil update back in 2005.
Robert J. Webster, Michael DiPrima and Diana Simpson of CBRE Hotels represented the seller in the transaction. Mark K. Owens and Bill Grice led the CBRE Hotels Debt & Structured Finance team, which secured $170 mil in acquisition and renovation financing for the buyer, who plans to perform a comprehensive renovation of the property.
According to CBRE, the sale and acquisition financing of the Newport Beach Marriott Hotel & Spa represents both the largest hotel sale and financing to occur nationwide since the onset of COVID-19 in the first quarter of 2020.
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