CBRE HOTELS FACILITATES SALE OF 159-ROOM COURTYARD LONG BEACH AIRPORT TO HARBOR HOTELS LLC
November 12, 2018
Hotel demand in the city is high as the area has benefited from investments in its downtown, airport and tourist attractions
Los Angeles – November 12, 2018 – CBRE Hotels has arranged the sale of a 159-room The Courtyard Long Beach Airport, a Marriott International Inc. brand, for an undisclosed amount to Harbor Hotels LLC, an affiliate of Cornerstone Hotel Group LLC.
Rod Apodaca of CBRE Hotels represented the buyer, Harbor Hotels LLC, an Arizona-based high net worth family investor group. The hotel, located at 3841 North Lakewood Boulevard in Long Beach, sits in the heart of Douglas Park, adjacent to the Long Beach Exchange and just one mile from Long Beach Airport. The Boeing offices, 1.1 million-square foot Mercedez Benz training facility and the Long Beach Convention Center are also in proximity to the property.
“The Long Beach hotel market has been doing very well,” said Apodaca. “This hotel is in an exceptional location, plus the quality of the Marriott brand was a major factor in the buyer’s decision-making process. The combination of these factors has contributed to the hotel’s preeminent position in the market.”
Long Beach has benefited from the revitalization of its downtown core, which features ample shopping, dining and entertainment offerings. This has also benefited many of the city’s other areas, such as the airport, which is often considered a viable alternative to other regional flight hubs. The addition of routes by such carriers as JetBlue and Southwest have also boosted its visibility.
In addition, there are more than 1,600 housing units under construction in the Long Beach area, the Aquarium by the Pacific is wrapping up a $53 million expansion and third-quarter office rents in the market have increased 8% over last year due to rising demand from employers, according to CBRE research.
Buoyed by the area’s growing appeal, occupancy and average daily rates for Long Beach hotels are expected to increase for this year, according the 2019 Southern California Lodging Forecast by CBRE’s hotels division.
Apodaca addded, “Long Beach is a great turnaround story as it’s increasingly considered a great alternative on many levels to the often more costly Los Angeles market. That also makes it a very appealing option for hotel investors.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.