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LAGUNA BEACH, CA-A 70-room, oceanfront hotel on Laguna Beach has been sold to a privately held company, Classic Hotels & Resorts. The deal is valued at approximately $19.25 million or $275,000 per hotel room.

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

“Given the resort construction of new luxury resorts in Laguna Beach and Dana Point, coupled by the existing inventory of superior hotels, the repositioning of this property as a more upscale facility will further solidify Orange County’s emerging position as the premier, top-tier coastal resort market in California,” says John Strauss of Jones Lang LaSalle Hotels, who worked on the deal.

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

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