$749M in Hotel Sales in First Half of 2015

$749M in Hotel Sales in First Half of 2015

Orange County Business Journal

$749M in Hotel Sales in First Half of 2015
By Paul Hughes


Eleven Orange County hotels sold for a total of $749 million in the first half of 2015, according to Irvine-based Atlas Hospitality Group’s mid-year survey of hotel sales.

The 11 hotels sold is down by three hotels at the same time last year while the dollar value is 45% higher than the $517 million year-over-year—driven by the sale of Montage Laguna Beach in January for $360 million.

That deal dwarfed the other 10 and accounted for nearly half the value of all sales; excluding the Montage, the value of local sales would have declined by about 20%.

Other notable purchases include the Marriott Irvine, which closed in June for $126.2 million, and the $32 million acquisition of Carousel Inn & Suites Anaheim by a Walt Disney Co. affiliate in March.

Orange County produced about 16% of the $4.4 billion hotel sales statewide in the first six months of the year.

Atlas said that statewide six-month tally was higher than any annual total since 2006.

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