The Hilton Burbank Airport & Convention Center hotel has been sold for $125 million. Pyramid Hotel Opportunity Venture II LLC of Boston will pay about $256,000 per room for the 488-room property. The seller was Strategic Hotels & Resorts Inc., a Chicago real estate investment trust with 19 properties and more than 9,000 rooms across the country. The hotel was projected to contribute $10.1 million in earnings before interest, taxes, depreciation and amortization for 2006, the company said. The deal is expected to close in September. The hotel, at 2500 Hollywood Way, also includes 50,000 square feet of meeting space and the Daily Grill restaurant. The facility was built in 1980 and has around 300 employees. Strategic reported that for the first six months of this year, occupancy at the hotel was 75.4 percent, a .7 percent increase from the same 2005 period. The rate was slightly below the Valley average of 78.49 percent during that same time, according to the hotel trends tracking firm PKF Consulting. Total revenue for the hotel tallied $15.6 million, up 11.4 percent from the previous year, the company reported in its second quarter earnings report released Aug. 2.
