CBRE Global Investors fund acquires Southern California hotel
CBRE Global Investors, on behalf of CBRE Strategic Partners U.S. Value 7, has acquired the Irvine Marriott Hotel, according to a statement. The 487-room, 16-story full-service hotel is located in Irvine, Calif., in close proximity to major businesses, shopping and universities.
“The Irvine Marriott’s strategic location and strong brand affiliation make it one of Orange County’s most prominent hotels and position the property for strong REVPAR growth as corporate and transient demand continue to improve,” said John Sauter, a principal with CBRE Global Investors, in a statement.
The property includes a newly renovated lobby, restaurants and lounge, 27,000 square feet of meeting space, a fitness center, pool and parking. CBRE Global Investors plans to make renovations to room finishes and improve the fitness center, pool area, common areas and landscaping.
The hotel was acquired by CBRE Global Investors’ most recent value-ad