The Anaheim-based Marwaha family office completed the acquisition of the Springhill Suites Irvine/John Wayne Airport hotel this week.
The 132-room Irvine property, opened in 2009 and managed by Marriott, was sold by Blackstone REIT. CBRE Hotels served as the brokers on the deal.
The firm now counts six hotels in its investment portfolio.
“Our goal is to continue buying institutional-grade hospitality assets in high-barrier markets,” Co-Chief Executive Rohit Marwaha said in a statement.
“We are working on many projects in the years ahead and will continue to seek additional opportunities in the hospitality space, as they fit our investment criteria,” he added.
The Marwaha family also operates Marwaha Group Inc. which leads the development and franchising of nearly 1,900 Subway stores. They also invest in other real estate, medical and technology segments.
