The transaction marks "the highest price paid per room for a hotel in the United States this year," according to Alan X. Reay, president of Atlas Hospitality Group, the Costa Mesa-based hotel brokerage and consulting firm that tracks hotel transactions around the nation. Reay says the price reflects about $538,000 per room, taking into account that around $50 million probably went towards the purchase of the condominiums and residential lots that are also a part of the Laguna Beach development.
At build-out, the Laguna Beach Colony will include 14 condominiums and 14 residential estate lots, in addition to a 260-room ultra luxury resort hotel. Completion is slated for later this year or early next year.
Buyer Laguna Beach Resorts LLC includes hotelier Alan Fuerstman and the Athens Group, along with other private investors. Fuerstman's new company, Montage Hotels and Resorts, will operate the resort hotel.
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