In September 1998 Accord formed a company to acquire this 72,000 square foot property located at 180 North Fair Oaks Avenue in Old Pasadena, California. The existing building was demolished and a new 314-room Courtyard by Marriott was built. GMAC Commercial Mortgage Corporation provided the debt funding, with the equity funding provided by Accord principals and its joint venture partner, Somera Capital Management.
The site is in the Old Pasadena neighborhood, a successful urban redevelopment area, drawing from both business and tourist travel. This hotel is the first Marriott Hotel product in the Pasadena area and benefited from Marriott’s vast reservations systems as well as its management and quality controls systems. This highly successful property was subsequently sold to investors.