LOS ANGELES – July 21, 2015 – CBRE Strategic Partners U.S. Value 7, a fund sponsored by CBRE Global Investors, has acquired the Irvine Marriott Hotel, a 487-room, 16-story full service hotel in Irvine, California.
Located at 18000 Von Karman Avenue, the property is strategically located adjacent to the 405 Freeway and John Wayne Airport, within the Irvine Towers mixed-use complex, which features over 1.1 million square feet of Class A office space. The Orange County/Anaheim lodging market is centrally located in one of the nation’s top business and leisure destinations. Nearby demand drivers include major corporations; the nation’s highest grossing shopping center; a university; and various Orange County leisure destinations.
Amenities at the property include a newly renovated lobby, restaurants and lounge; 27,000 square feet of meeting space; and a fitness center, swimming pool, and parking. The team plans to reposition the asset via a significant capital program, including renovations to room finishes and improvements to the fitness center, pool area, common areas and landscaping.
The team plans to implement the “virtual concierge” program that has proven successful at the San Jose Marriott, an asset in another Strategic Partners U.S. fund. Expanding access to the renovated Concierge Lounge and associated amenities beyond the Property’s five physical “Concierge Levels” provides another opportunity to increase the average day rate.
“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, Principal, CBRE Global Investors.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $87.1 billion in assets under management* as of March 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 52,000 employees in more than 370 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.