NEWPORT BEACH, Calif. — Eagle Four Partners, LLC, and Lyon Living recently announced their acquisition of the Newport Beach Marriott Hotel & Spa in Southern California. Situated on 10 acres, the hotel has 532 guestrooms and 32,000 square feet of indoor and outdoor venues with views of the Pacific Ocean, Newport Harbor, and the adjacent Newport Beach Country Club. The Newport Beach Marriott Hotel & Spa is located in Newport Center, which has more than 3 million square feet of Class A office space, and is adjacent to Fashion Island, a shopping and dining destination with 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,” said Kory Kramer, partner at Eagle Four Partners. “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.”
“The hotel will complete a comprehensive renovation of both public space and guestrooms including exterior enhancements,” added Peter D. Zak, president and partner of Lyon Living Development Company. “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.”
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,” Snavely said. “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.”
Kevin Martin, partner at Eagle Four Partners, added, “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.”
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.
