HREC Investment Advisors is pleased to announce it has arranged the sale of the 112-suites Residence Inn Irvine Spectrum, a Marriott-branded and managed, extended-stay Hotel, located in Irvine, California in the heart of Orange County.
HREC Investment Advisors exclusively represented the seller on this transaction. The marketing and negotiations were led by Bill Murney, Managing Director in HREC’s Phoenix office, Mike Armstrong, Principal in HREC’s San Diego office, and Ketan Patel, Managing Director, in HREC’s Washington D.C. office,
“We were able to assist the seller with monetizing their investment in the Irvine market and provide the buyer with a quality asset to implement his exchange,” stated Murney.
“We were pleased to be able to find a strong buyer for one of our valued clients, and this trade further evidences the continued strength of the Orange County hotel market,” added Armstrong.
The Hotel’s location in the heart of the Irvine Business Complex is surrounded by nearby offices, business parks, distribution centers, manufacturing warehouses, training, and pharmaceutical facilities within a two-mile radius of the Property. The Residence Inn is the best product in the complex, making the Hotel an attractive option for local businesses to host employees, consultants, and other visitors from out of town. The Hotel also benefits from the Irvine Spectrum Center under three miles away. The Spectrum Center is a major attraction known throughout Orange County, featuring over 150 shopping, dining, and entertainment options. The Spectrum also has the two tallest office buildings in the county, 200 and 400 Spectrum Center. Furthermore, the Great Park development and the Great Park Neighborhoods are just north of the Hotel. This community is a monumental development that will benefit the submarket moving into 2022 and beyond, offering 1,300 acres of new recreational facilities and sports complexes, millions of square feet of office space, and an entire community of high-end, modern housing.
About HREC®: HREC® is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting including market studies, and litigation support. With offices throughout North America, HREC® is distinguished by unwavering commitment to client service and success through its team approach, intellectual capital, and hotel/casino specialization.
