Orange County Business Journal
OC Hotel Property Sales Down 30%
By Katie Murar
The number of hotels sold last year in Orange County declined 30% to 16 with a cumulative value of $343 million, according to a report by Atlas Hospitality Group in Irvine.
The average sale price dipped 3% to $21.4 million and the average price-per-room was flat at $196,000, the report said.
The priciest, and biggest, of the 16 sold was the 408-room Hyatt Regency Newport Beach, which traded hands for $95 million. The 41-room Laguna Riviera Beach Resort sold for the highest price per room, $512,195.
Statewide hotel sales fell 24% to 280 compared with 369, the third lowest volume of sales over the past decade. Dollar volume declined 10% to $5.6 billion, while the average sales price rose 17% to $20 million.
The median sales price per room of $121,439 is a new record for California hotels and a 14% jump over 2017 and up 77% over the last five years alone, Atlas said.