Sale of Southern California Hotels Increase in 2017
By Hoa Quach
SOUTHERN CALIFORNIA — Real estate transactions involving Southern California hotels increased in 2017. The Orange County Register reported that transactions worth $3.8 billion happened in the last year, an increase of 8 percent.
Roughly 180 hotels in the region were sold last year, seven more than the previous year, the newspaper reported. Citing the Atlas Hospitality, the Register said “32 ‘trophy’ hotels, priced $50-million-plus, sold in California in 2017, more than any other state.”
The most expensive sale in the region was The Jeremy in West Hollywood, which sold for $280 million. In San Diego, the Park Hyatt Aviara sold for $187 million, while the JW Marriott Desert Springs Resort in Palm Desert sold for $160 million, the Register said.
Southern California continues to be a hot spot for tourists with pricing for hotel rooms ranging from $94 to $545, according to the Ventura County Star.
The newspaper said the priciest hotel room was found in Beverly Hills where the average room rate was $545 in 2017.