LOS ANGELES—AWH Partners and Starr Cos. has formed a joint venture to purchase the Burbank Airport Marriott Hotel, which is adjacent to the Bob Hope Airport in Burbank. The seller is an unnamed private investor, and the purchase price is undisclosed as well.

The joint venture was attracted to the sale because the hotel property has benefitted from “strong and continuously improving performance following our client's strategic capital improvements, while also presenting additional upside from future business plan flexibility,” according to Scott Hall, managing director at HFF, who represented the seller in the transaction. The combination of the strong Burbank submarket and the healthy hospitality market made this a great acquisition opportunity for the buyers.

Located at 2500 North Hollywood Way, the hotel has 488 guestrooms in two towers, a nine-story West Tower and eight-story East Tower. The seller recently completed a $10 million renovation. The onsite features include 46,000 square feet of indoor/outdoor function space, fitness center, business center, two heated outdoor pools, spa and a concierge lounge and restaurant.  

This is the second Marriott hotel property to trade hands in the past month. Chinese investor the XLD Group purchased the Los Angeles Airport Marriott from DiamondRock Group fro $160 million. The buyer is expected to make $15 million in renovations to the property.