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Solstar Buys Two Marriott Hotel Properties

LOS ANGELES—The hotel investor purchases the 120-room Marriott SpringHill Suites Hotel and the 108-room Marriott TownePlace Suites Hotel for a total of $20 million, GlobeSt.com reports EXCLUSIVELY.

By Kelsi Maree Borland | Updated on March 17, 2015

LOS ANGELES—Solstar Investments has purchased two Marriott Hotel properties outside of Las Vegas, GlobeSt.com reports exclusively. The two properties include the 120-room Marriott SpringHill Suites Hotel and the 108-room Marriott TownePlace Suites Hotel. The purchase price for the two properties was not disclosed, however, industry sources unrelated to the deal say the combined purchase price was $20 million.

“We have been targeting hotel debt for the past three-to-four years through the recession,” David Mirharooni of Brickstar Capital, an affiliate of Solstar Investments, tells GlobeSt.com. “It is a really good time in Vegas to purchase select-service hotels. For the past six-months to a year, we have been bidding on select-service hotel assets in the Las Vegas and Henderson, NV, markets, and we ended up falling in love with these two assets. They are right off the freeway, and Henderson is a growing market that is very business friendly. There are a lot of great things happening in that market that attracted us to the property.”

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