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IRVINE, CA-R.D. Olson Development has sold its Marriott Residence Inns in Burbank, CA and Oceanside, CA to Apple REIT 8 of Richmond, VA for $80 million after developing both of the properties. Irvine-based Olson, last year, completed development of both hotels, the 166-suite Burbank property at 321 S. First St. and the 125-suite Oceanside property at 3603 Ocean Ranch Blvd., respectively in Los Angeles County and San Diego County.

Olson, headed by CEO and president Robert Olson, bought the development sites in 2005 and 2006. R.D. Olson Construction, also owned by Robert Olson, built both of the properties. Apple REIT 8 is a nontraded REIT that is one of a number of investment entities sponsored by the Richmond-based Apple REIT Cos.

The Burbank Marriott is a five-story hotel that is within walking distance of Burbank City Hall and close to a number of entertainment industry companies, including the Walt Disney Co., Warner Bros, NBC, DreamWorks SKG and Nickelodeon studios. Olson developed the five-story hotel to meet the demand from those nearby entertainment industry businesses, among others.

The Oceanside hotel sits on a three-acre site that is part of the Ocean Ranch mixed-use master-planned community. It is Marriott’s newest prototype for the extended stay market, with a design that expands the concept of extended-stay by incorporating quality furnishings along with new technology such as plasma televisions, wireless and hard-wired Internet access and other features.

The sale of the Burbank and Oceanside hotels leaves R.D. Olson Development with seven other projects in the making. The company expects to soon open the Renaissance ClubSport in Aliso Viejo, CA in a joint venture with Leisure Sports Inc. That property will include a boutique hotel, a fitness center and a day spa.

R.D. Olson, which Robert Olson founded in 1998, recently named a director of private equity and a director of development for the hotel developer’s expanding list of projects throughout California and in bordering states.

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