Marriott Hotel in Burbank Changes Hands
- Aug 14, 2015
Apple Hospitality REIT Inc. has closed on its previously announced acquisition of the 190-key Courtyard by Marriott in Burbank.
The Richmond-based company purchased the property for $54 million, or approximately $284,000 per room.
The recently renovated Courtyard Los Angeles Burbank Airport offers guests an array of amenities, including a fitness center, swimming pool, meeting space and free high-speed internet.
The hotel is located in the heart of the San Fernando Valley, with easy access to multiple entertainment, media, health care and technology companies. The Burbank Bob Hope Airport and a variety of attractions such as Walt Disney Studios, Universal Studios Hollywood and Warner Bros. Studios are situated within the property’s proximity.
The hotel is poised to benefit from the area’s business and leisure demand generators. According to Smith Travel Research, the Burbank hospitality market has seen positive demand and rate trends, with RevPAR growth of 7.2 percent during the first six months of 2015 compared to the same period in 2014.
This acquisition brings the Apple Hospitality portfolio to 176 hotels with approximately 22,500 guest rooms. The properties belong to the Hilton and Marriott brands and are geographically diversified across 32 states.
Photo credits: www.marriott.com