fairmont newport beach
Crescent Hotels & Resorts to Renovate and Convert Former Fairmont Newport Beach to The Duke Hotel Newport Beach
Crescent Hotels & Resorts | February 15, 2017
NEWPORT BEACH, Calif., Feb. 15, 2017 -- The Duke Hotel Newport Beach joins the Newport Beach market as an upscale, lifestyle hotel. Formerly the Fairmont Newport Beach, the property will undergo a multi-million-dollar renovation and convert to the Renaissance Newport Beach in early 2018. The Duke Hotel Newport Beach will begin accepting reservations as a Marriott affiliated "White Label" hotel effective March 2017. Prior to March 2017 guests can enjoy all the benefits and royal amenities of The Duke Hotel Newport Beach by calling (949) 955-5632 for reservations. Crescent Hotels & Resorts, a nationally recognized and award ...
Sunstone Hotel Investors Sells the 444-Room Fairmont Newport Beach for $125.0 Million
Sunstone Hotel Investors, Inc. | February 13, 2017
ALISO VIEJO, Calif., Feb. 13, 2017 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced the sale of the 444-room Fairmont Newport Beach (the "Hotel") for a contractual gross sale price of $125.0 million, or approximately $281,500 per key (the "Sale"). The sale price of $125.0 million represents a 16.0x multiple on 2016 Hotel Adjusted EBITDA of $7.8 million and a 5.2% capitalization rate on the Hotel's 2016 net operating income. The Sale resulted in an estimated net book gain of approximately $44 million and is estimated to increase 2017 taxable income by ...
