Marriott University Park
Newport Beach, CA – Reaching out from Southern California to the Great Salt Lake, Hotel Innvestor has successfully raised capital and invested in a minority ownership stake in the recently purchased Marriott University Park.
The 217-room, seven-story hotel, located on the University of Utah campus boasts three food-and-beverage outlets, a heated indoor swimming pool and over 10,000 square feet of flexible meeting space.
“Everything about this Marriott is exciting,” said Hotel Innvestor Founder and President Tim L. Edgar. “Given the excellent location on campus and the premium branding, this investment is consistent with our primary focus of investing in mid- to upper mid-market franchised hotels in the top 75 MSA nationwide.”
Originally built in 1987, the hotel went through a major $8.5 million renovation in 2013 and will immediately commence a new Property Improvement Plan (PIP) from Marriott International as part of the acquisition.
Hotel Innvestor, through its Hotel Innvestor Marriott University Park, LLC affiliate, raised the capital from Los Angeles area Accredited Investors and co-invested with a Los Angeles-based investment firm and an affiliate of Chicago based Hostmark Hospitality Group. Hostmark will manage the hotel and oversee the implementation of the PIP renovations for the $30 million + project.