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MANHATTAN BEACH, CA-Investcorp has acquired the 176-room Residence Inn Manhattan Beach at 1700 N. Sepulveda Blvd. for $40 million and plans to renovate and upgrade the hotel. Investcorp has signed a new franchise agreement with Marriott for the property, which is a Marriott extended stay brand. Investcorp will renovate and upgrade the guest room interiors and the building exterior, including a new gatehouse, the company said in announcing the acquisition.

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