IRVINE, CA-MeriStar Hospitality Corp. of Arlington, VA has acquired the 484-room Marriott Irvine Hotel for $92.5 million, one of the highest prices per room in Southern California this year.MeriStar, a REIT, has signed an agreement to purchase the hotel from an affiliate of Cigna, with the transaction expected to close in the next 30 days, subject to customary closing conditions. Atlas Hospitality Group of Costa Mesa says the price of more than $191,000 per room is the highest paid for an Orange County hotel property this year and one of the highest per room in Southern California this year as well.

MeriStar says the 21-year-old hotel, which is adjacent to the San Diego Freeway at 18000 Von Karman Ave., will be operated by Marriott International under a long-term contract. The property is surrounded by a dense concentration of high-rise office space and is a half-mile from John Wayne Airport. The hotel features more than 30,000 sf of meeting and banquet space in addition to its rooms, restaurants, shops and other facilities. The hotel’s meeting space, food and beverage outlets, lobby and public spaces underwent a multi-million dollar renovation within the past 18 months, and MeriStar expects to invest approximately $7 million in additional property improvements over the next 12 months, primarily in the hotel’s guest rooms.Paul W. Whetsell, chairman and CEO of MeriStar, describes the acquisition as part of the REIT’s plans to buy larger properties with significant meeting space and strong brand affiliations in major urban markets or high-end resorts.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.