Massive Burbank Airport Hotel Trades for $100M
One of the more prominent LA-area hotels has traded hands, and Bisnow has some exclusive details.
A JV of AWH Partners and Starr Cos has purchased the 488-key hotel, which is the second largest in the Valley, from Westbrook Partners. No financial details were disclosed, but Bisnow's market sources say the deal got done at about $100M. HFF managing director Scott Hall, who repped Westbrook, says $10M in recent renovations have increased the hotel's status in the market. The hotel traded in 2006 for $125M, but Westbrook picked it up in late 2012 out of foreclosure at a steep discount. The hotel at 2500 North Hollywood Way is adjacent to the Bob Hope Airport, and is composed of a nine-story West Tower and eight-story East Tower with a conference center of nearly 46k SF.