DANA POINT, CA-The St. Regis Monarch Beach Resort & Spa has added 18 condominiums to its coastal hotel in a project newly completed by the Irvine-based R.D. Olson Construction Co. The $14 million condominium project, which overlooks the ocean and the resort's golf course, was designed to look like two-story custom homes from the outside, according to Robert Olson, CEO and president of Olson Construction.
Designed by the Irvine-based architectural firm KTGY Group, the condominiums measure 3,000 sf and are being marketed at an asking price of $3 million. They feature granite countertops and wood and marble floors throughout, with the option of using the hotel's maid service, room service and other amenities for a fee.
The condominium project underscores the continuing condo construction and conversion boom in Orange County as well as the high prices commanded for condos and hotels in South Orange County markets like Dana Point. In a deal that marked the highest price ever paid for a hotel in California, for example, the Chicago-based Strategic Hotels & Resorts REIT recently agreed to buy the 393-room Ritz-Carlton Laguna Niguel hotel and resort for $330 million.
Hotel industry sources say that such deals reflect not only the luxury resort quality of seaside hotels in Orange County but the irreplaceable locations. Even if land were available along the coast today, approvals from the Coastal Commission would take years.
In a deal that illustrated the impact of the condominium conversion boom in the county, a Mission Viejo-buyer doing business as Las Brisas HB LLC bought a 76-unit apartment complex for $28.1 million. The sales price, at the upper end of price-per-unit sales in the county, shows how much buyers are willing to pay for properties that come with a condo map.
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