Sunstone Hotel Investors has sold the Fairmont Newport Beach for $125 million to an undisclosed buyer.
The 444-room hotel will be rebranded as the Renaissance Hotel as it makes the jump to an upmarket business hotel vs. a traditional resort.
The hotel will undergo $18.5 million in renovations to its rooms and public areas. It’s being temporarily rebranded as the Duke Hotel before becoming the Renaissance once renovations are completed. The company is targeting Jan. 1, 2018 for its debut.
The 10-story hotel was constructed in 1973 and renovated in 2007. It sold for around $281,500 per room. It has 42,000 square feet of meeting space, an 8,000-square-foot spa and a rooftop pool.
Infinity Realty Advisors acquired the hotel on behalf of an unnamed buyer.
“We are very pleased to expand our presence in the Newport Beach/ Irvine location. This is a market with a thriving business community,” said Eddy Chao, managing director of Infinity in a statement.
The group acquired the Irvine Hilton in 2016.
Sunstone is a real estate investment trust or REIT that has interests in 27 hotels.
Contact the writer: hmadans@ocregister.com or Twitter: @HannahMadans
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