Eagle Four Partners LLC and Lyon Living have acquired Newport Beach Marriott Hotel & Spa in Newport Beach, California. No financial terms were disclosed.
NEWPORT BEACH, Calif., Nov. 6, 2020 /PRNewswire/ — Eagle Four Partners, LLC and Lyon Living announce today the acquisition of the Newport Beach Marriott Hotel & Spa located in Newport Center adjacent to Fashion Island. The hotel situated on 10 exceptional acres features sweeping views of the Pacific Ocean, Newport Harbor and the adjacent Newport Beach Country Club. Boasting 532 guestrooms, 32,000 square feet of indoor and outdoor venues, the hotel is ideal for corporate and social events. This leisure and group event hotel is conveniently located within Newport Center’s over 3 million square feet of Class A office space and across from the 1.3 million square foot world-renowned Fashion Island, Southern California’s premier shopping and dining destination, featuring more than 180 retail shops attracting 15 million visitors annually.
“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,” said Kory Kramer, partner at Eagle Four Partners.
“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 neighborhood and the many businesses in and around Fashion Island,” said Peter D. Zak, president and partner of Lyon Living Development Company.
Marriott International will continue as the hotel operator led by 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. 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.”
“Newport Beach is our home. We are proud owners of the Balboa Bay Resort & Club and Newport Beach Country Club. Partnering with Newport Beach-based Lyon Living, we believe our group will transform the Newport Beach Marriott Hotel & Spa into a preeminent community asset for future generations,” said Kevin Martin, partner at Eagle Four Partners.
Bob Webster and Michael DiPrima of CBRE Hotels advised both the seller, Host Hotels and the buyer on the transaction. Pillsbury Winthrop represented as buyer’s counsel and Latham & Watkins represented as seller’s counsel.
About Eagle Four Partners, LLC
Eagle Four Partners is a Newport Beach, CA-based private equity group specializing in strategic real estate investments in hospitality, golf, and lifestyle residential. Founded in 1996, Eagle Four has participated as the lead equity investor in more than $2 billion of real estate transactions including most notably the acquisition of the Sheraton Denver Downtown Hotel and the purchase, repositioning, and disposition of Bacara Resort in Santa Barbara. Eagle Four’s current asset portfolio consists of Reno’s largest mixed-use project Reno Experience District (RED) and independent resorts such as Balboa Bay Resort in Newport Beach, Paséa Hotel & Spa in Huntington Beach, Estancia La Jolla, Meritage Resort & Spa in Napa, and Ko’a Kea Resort in Kauai as well as other branded hotels in California and Arizona. Eagle Four owns and operates the Newport Beach Country Club and recently developed the new clubhouse located at Newport Center. Eagle Four’s expertise includes building strategic partnerships, aggressive asset management, and creative deal structuring all with the goal of generating substantial investor value. www.eaglefourpartners.com
About Lyon Living
Founded in 1989 by Frank T. Suryan Jr., Lyon Living is a leading real estate development and investment company headquartered in Newport Beach, California. The company has a market capitalization of more than $3 billion and has properties throughout California, Colorado, Georgia, Florida, and Nevada. At the core of the company’s mission is the commitment to transform the definition of apartment living and provide residents with an unparalled lifestyle experience. The company’s progression is fueled by its willingness to take risk, and its ever-growing portfolio is a result of the brand’s strategic and innovative approach. www.lyonliving.com