Spire Hospitality to Manage
NEW YORK (January 9, 2015) – AWH Partners, LLC, a privately held real estate investment, development and management firm, and joint venture partner, Starr Companies, a global insurance and investment organization, announce today the closing and acquisition of Los Angeles Marriott Burbank Airport. With this acquisition, AWH Partners pushes its firm past the half billion mark in hospitality investment over the past three years. AWH Partners will complete the remainder of a $13.5 million renovation of the hotel and convention center and Spire Hospitality will operate the property under a franchise agreement with Marriott Hotels (NASDAQ: MAR). With the addition of this hotel, Spire Hospitality now manages 4,865 rooms and more than 250,000 square feet of meeting space.
“Our strategy continues to be finding significant off-market and narrowly marketed value-add investment opportunities,” says Chad Cooley, principal of AWH Partners. “Having a presence in the Los Angeles market broadens our footprint, and the proximity to the growing Burbank airport enhances the business model created for this fantastic Marriott.”
Following the purchase of Los Angeles Marriott Burbank Airport, AWH Partners will complete the multimillion dollar renovation and explore potential additional development rights on the approximately 12 acre property.
“We spent three years looking for the right opportunity to enter into the L.A. and Southern California market,” says Jon Rosenfeld, principal of AWH Partners. “And our patience definitely paid off. The Burbank hotel is our first, full-service Marriott and we are proud to grow our relationship with the Marriott brand family.”
Los Angeles Marriott Burbank Airport offers an ideal balance of fresh functionality and environmentally friendly design in a convenient location. Nestled in the heart of Burbank, Calif., Los Angeles Marriott Burbank Airport is within close proximity to Burbank Bob Hope Airport (BUR), numerous production studios and entertainment headquarters, and popular California attractions including Universal Studios and downtown Los Angeles. The hotel presents a state-of-the-art fitness center, two outdoor pools, cabanas and fire pits. Daily Grill restaurant at Los Angeles Marriott Burbank Airport offers classic American food at breakfast, lunch and dinner.
Offering 50,000 square feet of deluxe meeting facilities, Los Angeles Marriott Burbank Airport caters to a wide range of meetings and special events with 22 breakout rooms, four VIP boardrooms and the latest in high-tech services all on one level. The recently renovated Academy Ballroom is fitting for large events with capacity to accommodate up to 2,240 people.
