Joint venture acquires Los Angeles Marriott

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.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

“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.

Suggested Articles

The 600-room Secrets Baby Beach Aruba will open on Baby Beach, close to San Nicolas, in the southern part of the island.

The brand's French debut was held in Paris last month, followed by the second in Lyon.

The hotels will open between 2021 and 2024 in New Caledonia, an archipelago 750 miles east of Australia.