Burbank Hotel Sells for $60 Million
Jul 16 2015
Thursday, July 16, 2015
A real estate investment trust has acquired the SpringHill Suites by Marriott hotel in Burbank for $60 million.
Apple Hospitality REIT Inc. in Richmond, Va. bought the 170-room, boutique-style hotel this month, just as R.D. Olson Development of Irvine completed the project. The company described the property as “within walking distance of downtown Burbank and convenient to the numerous attractions in the Hollywood area.”
Apple Hospitality is a publicly traded REIT that owns a portfolio of 174 hotels with 22,177 rooms, including the Residence Inn at 321 S. First St. in Burbank, also built by R.D. Olson.
The 102,075-square-foot hotel is located at 549 S. San Fernando Blvd. It has 88 king- and 82 double-queen suites that feature dedicated work spaces with full-sized desks, free Internet connections, separate seating areas and kitchenettes with microwaves, mini-fridges and coffee service.
Amenities include an outdoor patio with fire pit, pool and spa; a fitness center and a bar area that honors Hollywood icons in a tribute to the proximity of the Burbank studios.