Californian hotel to undergo transformation following acquisition
Eagle Four Partners and Lyon Living have announced the purchase of the 532-key Newport Beach Marriott Hotel & Spa in California – and outlined plans to carry out a major upgrade.
The Newport Beach-based joint venture will draw on its local experience to revamp the sprawling hospitality scheme at Newport Center Fashion Island in 2021. We find out more.
Part of the community
The prominent hotel occupies a ten-acre expanse that provides sweeping views over Newport Harbor and the Pacific Ocean.
With 532 guest rooms and as much as 32,000 sq ft of indoor and outdoor venues, it’s long been regarded as an ideal location for both corporate and social events. Newport Center, meanwhile, encompasses over 3 million sq ft of office space, and Fashion Island attracts 15 million visitors annually to its 1.3 million sq ft of shopping.
“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,” said Kory Kramer, partner at Eagle Four Partners. “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.”
Peter D Zak, president and partner of Lyon Living Development Company, added: “The hotel will complete a comprehensive renovation of both public space and guest rooms, 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.”
An asset to the neighbourhood
The joint venture also confirmed that Marriott International would continue as the hotel operator, led by the property’s veteran general manager Debbie Snavely.
“I’m excited to have new owners based here in Newport Beach who have a strong dedication to the local community and a plan to elevate our hotel through a major repositioning,” said Snavely. “We will successfully attract higher-rated leisure and business and group events within the local coastal luxury market. This is great news for Newport Beach.”
Bob Webster and Michael DiPrima of CBRE Hotels acted as advisor for the seller, Host Hotels and the buyer on the transaction. Meanwhile, Pillsbury Winthrop represented as buyer’s counsel and Latham & Watkins represented as seller’s council.