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MeriStar Hospitality to Buy Irvine Marriott

June 25, 2004|Roger Vincent

MeriStar Hospitality Corp. will buy the Irvine Marriott hotel for $92.5 million, the Virginia real estate investment trust said. The sale is expected to close by next month.

Selling the 484-room hotel is Cigna, which has owned the property on 12 acres adjacent to the San Diego Freeway at Von Karman Avenue since the 1980s, said hotel consultant Alan Reay of Atlas Hospitality Group in Costa Mesa.

The Irvine Marriott, which was completed in 1983, underwent a multimillion-dollar renovation in the last 18 months. MeriStar said it would make an additional $7 million worth of improvements over the next year, primarily in the hotel's guest rooms.

Roger Vincent

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