A joint venture between a New York-based real estate investment/development firm and a global insurance and investment organization purchased the Los Angeles Marriott Burbank Airport, the buyer announced last week.
Specific financial details were not disclosed, but the selling price was “north of $100 million” said Chad Cooley, a principal in privately held AWH Partners, told The Burbank Leader.
AWH Partners and Starr Cos., an insurance and investment company with a presence on five continents, acquired the 488-room hotel on North Hollywood Way from Westbrook Partners last month.
“We’re just very excited to be in Southern California,” Cooley said. “It’s a big moment for our company.”
AWH Partners’ hotel management company, Spire Hospitality, a Chicago-based third-party operator of hotels including Hilton Hotels & Resorts, InterContinental Hotels Group and Marriott International will operate the property under a franchise agreement with Marriott Hotels, according to a company statement last week.
The purchase pushes AWH Partners past the half-billion-dollar mark in hospitality investments over the past three years. The company is also managing or has completed hotel redevelopment projects totaling more than $165 million.