LAGUNA BEACH, CA—Classic Hotels & Resorts has acquired the Laguna Cliffs Inn, a 36-room boutique hotel here, from what GlobeSt.com has learned is Invest West Financial Corp., a Santa Barbara-based real estate and private-equity investment firm. The property, which sold for $11.2 million, according to Classic, is the newest addition to the buyer’s California Coastal Collection, which currently includes the Inn at Laguna Beach here—a 70-room luxury boutique hotel adjacent to the Laguna Cliffs Inn—and La Playa Carmel in Carmel, CA.
Laguna Cliffs in, located on the cliffs of Laguna Beach, features views of the Pacific Ocean and is a short walk from Main Beach. GlobeSt.com has learned that upon sale, the hotel was being managed by Pacifica Hotels.
According to John Grossman, SVP of Grossman Company Properties, of which Classic Hotels & Resorts is an affiliate, says “The Laguna Cliffs Inn is a natural addition to our growing portfolio and perfect complement to our existing footprint in Laguna Beach. This acquisition enables us to provide a guest experience for all lifestyles in one of Southern California’s most iconic beach destinations.”
Classic, which has been in business for 30 years, has developed, owned and managed luxury hotels and resort properties throughout the Western US, including iconic independent hotels Arizona Biltmore and Arizona Grand Resort & Spa—along with the Laguna Beach properties—and has established brands including Sheraton Hotels & Resorts, Marriott and Hilton Hotels & Resorts.
GlobeSt.com was unable to reach Classic Resorts before deadline to discuss its plans for the new property but learned from a representative for the firm that those plans are not yet set.
As GlobeSt.com reported last week, hotels are beginning to target specific guest demographics with amenities that appeal to different tastes and lifestyles. Bill Wilhelm, EVP of Irvine-based hotel developer R.D. Olson, told us that the groups are based on culture, family and geographic location of the property.