Marriott Buys New Hotel Site for $31M

Marriott Buys New Hotel Site for $31M

WEST HOLLYWOOD, CA—Marriott International Inc. has purchased the fee simple interest in a 1.4-acre development parcel at the southeast corner of Sunset Boulevard and Doheny Drive for $31.5 million.

Marriott International has announced that they will be developing a West Coast flagship of the Edition brand hotel, a luxury concept created in partnership with Ian Schrager, at this west Sunset Strip location. The property is fully entitled for the development of a 190-room luxury hotel and residences with ancillary amenities, including restaurants, night club and a rooftop pool and bar.

Sonnenblick-Eichner Co. arranged the sale for the undisclosed owner. Elliot Eichner, a principal of the firm, said the first plan hadn’t been to sell. "We were initially engaged by the fee owner to arrange for joint venture equity, construction financing, a brand/operator, and a qualified luxury hotel developer to build the project,” Eichner said in a statement. “The final analysis was that the best execution on behalf of the owner was to sell the fully entitled site to Marriott International."

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