Beverly Hills, CA
In December 1997 Accord formed a partnership to acquire an existing hospital at Beverly Drive and Pico in Los Angeles, and commenced renovation for a 186-room Residence Inn by Marriott, just blocks from Rodeo Drive. GMAC Commercial Mortgage provided the debt funding, with the equity funding provided by the principals and their limited partners.
This seven-story structure required extensive re-engineering to increase the square footage by approximately 30% and renovate three subterranean levels. The partnership opened its 140,000 square foot renovation in September 1998. Marriott operated the property on a long-term basis for the partnership. This highly successful property was subsequently sold to investors.