Private equity group Eagle Four Partners has further bolstered its hospitality and lifestyle residential asset portfolio with a new acquisition in California.
The company, in collaboration with Lyon Living, acquired the Newport Beach Marriott Hotel & Spa in Newport Center adjacent to Fashion Island from Host Hotels.
According to local publications, the deal is valued at $216m.
Spread over a 10-acre area, the acquired property features 532 guestrooms and 32,000ft2 of indoor and outdoor space. The hotel is set to undergo a massive renovation next year.
Eagle Four Partners partner Kory Kramer said: “As local owners and operators, we are thrilled to be acquiring the Newport Beach Marriott Hotel & Spa and adding it to our portfolio of iconic hospitality and lifestyle residential assets.
“Being an integral part of the community fabric of Newport Beach, we are dedicated to a transformative renovation in 2021 bringing the hotel to a new level of guest experience and service befitting its location in the heart of Newport Beach.”
Lyon Living Development Company president and partner Peter D. Zak said: “The hotel will complete a comprehensive renovation of both public space and guestrooms including exterior enhancements.
“The result adds incredible value not only to the hotel but is accretive to the Newport Center neighbourhood and the many businesses in and around Fashion Island.”
Marriott International will continue to operate the hotel.
Bob Webster and Michael DiPrima of CBRE Hotels advised the seller and the buyer on the transaction.