Real estate investor AWH Partners and insurance and investment firm Starr Companies on Thursday announced it has acquired the Los Angeles Marriott Burbank Airport for an undisclosed price. AWH will complete the remainder of a US$13.5 million renovation and its partner Spire Hospitality will operate the property under a franchise agreement with Marriott.
With this acquisition, AWH Partners pushes its firm past the half billion-dollar mark in hospitality investment over the past three years. With the addition of this hotel, Spire Hospitality now manages 4,865 rooms.
“Our strategy continues to be finding significant off-market and narrowly marketed value-add investment opportunities,” said Chad Cooley, principal of AWH Partners. “Having a presence in the Los Angeles market broadens our footprint, and the proximity to the growing Burbank airport enhances the business model created for this fantastic Marriott.”
Following the purchase, AWH Partners will complete the multimillion dollar renovation and explore potential additional development rights on the approximately 12 acre property.
“We spent three years looking for the right opportunity to enter into the L.A. and Southern California market,” says Jon Rosenfeld, principal of AWH Partners. “And our patience definitely paid off. The Burbank hotel is our first, full-service Marriott and we are proud to grow our relationship with the Marriott brand family.”