The Phoenix, AZ-based buyer plans to extensively renovate thehotel in order to reposition the property. A strategic managementcompany, Classic Hotels & Resorts redeveloped the ArizonaBiltmore Resort & Spa and has been involved in the development,ownership and management of more than 4,000 hotel rooms in theSouthwest over the past 20 years.

"Given the resort construction of new luxury resorts in LagunaBeach and Dana Point, coupled by the existing inventory of superiorhotels, the repositioning of this property as a more upscalefacility will further solidify Orange County's emerging position asthe premier, top-tier coastal resort market in California," saysJohn Strauss of Jones Lang LaSalle Hotels, who worked on thedeal.

Strauss and Arthur Buser, also of Jones Lang LaSalle Hotels,represented the seller, UBS Warburg LLC.

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