Newport Beach, CA – February 14th, 2017 – Infinity Realty Advisors announced today the acquisition of the Fairmont Newport Beach, a 444-key full-service hotel, on behalf of their client.
An undisclosed buyer closed Friday on the purchase of the Fairmont Newport Beach hotel in Orange County, California. This prominent 10-story hotel was constructed in 1973 and last renovated in 2007. Infinity Realty Advisors represented the buyer in this deal and will serve as the asset manager. The hotel will be rebranded as a Renaissance Hotel, and repositioned from a traditional resort hotel to a contemporary upmarket business hotel. The hotel will benefit from an immediate $18.5 million modernization plan which includes renovation of all rooms and public areas. The hotel amenities include 42,000 square feet of indoor and outdoor meeting space, an 8,000 square-foot full-service spa, and a roof-top swimming pool.
The hotel sits on 7.3 acres situated on MacArthur Blvd., 1.5 miles from the John Wayne International Airport and the Irvine commercial core. “We are very pleased to expand our presence in the Newport Beach/ Irvine location. This is a market with a thriving business community,” said Eddy Chao, managing director of Infinity.
This is the second hotel acquisition for Infinity in the Newport Beach/ Irvine area. In September of 2016 they acquired the Irvine Hilton.
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