R.D. Olson Development to Build a $35 mil Marriott in Burbank
BURBANK, CA, February 24, 2006. R.D. Olson Development has received city approval to build a $35 million Marriott Residence Inn Burbank on a 1.7-acre property on the corner of South First Street and Verdugo Avenue -- the heart of Burbank's downtown and the focus of the city's redevelopment. The Irvine-based development company purchased the land in August 2005 at a cost of $4 million. The development's 321 First St. location is within five miles from the Burbank airport and walking distance to the newly revitalized downtown Burbank.
"We are proud to become part of the City of Burbank's business community and provide a long awaited high quality extended stay hotel," said Robert Olson, CEO/president, R.D. Olson Development. "Marriott Residence Inn is the leader and innovator of the extended stay category."
R.D. Olson Development will own the completed property under a separate entity and Marriott International will manage the hotel. The five-story extended-stay hotel will house 166 guest suites and 1,200-square-feet of conference and boardroom space. A fitness center and laundry facilities will provide added convenience for hotel visitors. The guest suites are studios, one bedroom, and two bedroom all equipped with complete kitchens. Complimentary breakfast is provided for hotel guests each morning. The U-shaped structure will border a pool and sports court. The hotel will sit on a two-story underground parking lot.
R.D. Olson Construction of Irvine, a separate company, has been selected as the general contractor. Building costs for 165,000-square-feet of new construction will total $19 million. Groundbreaking is scheduled for April 2006 with a completion date set for April 2007.
PK Architects, a Phoenix, AZ-based firm, will lend its expertise as the hotel's designer, keeping its look in line with contemporary Southern California motif. The public areas and room interiors will be themed on Burbank's contribution to television and will celebrate the 50's, 60's, 70's, 80's, and 90's progression.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
