MK Structures Sale of Hyatt Regency Orange County California on Behalf of Ashford Hospitality Trust
Los Angeles, California | Molinaro Koger (MK) announced today the firm structured the marketing and sale of the Hyatt Regency Orange County, California; on behalf of Dallas-based Ashford Hospitality Trust (NYSE: AHT). The 654 room asset was acquired by Inland American Lodging Advisor, Inc. for an undisclosed sum. Located on 13 acres with a 17-story atrium, the hotel will retain the Hyatt Regency brand and will continue to be managed under a long-term agreement with Global Hyatt Corporation.
"We are in the midst of a very challenging market. The experienced advisors will find a way to match buyers and sellers and structure sales in this unconventional time," commented Mr. Koger.
"We believe the acquisition of this market leading asset, located in one of the world's top leisure and corporate markets, represents a tremendous opportunity for Inland,'' remarked Ms. Fisher.
With a premium location just three city blocks from Disneyland, the Hyatt Regency Orange County is proximate to a confluence of major interstates and entertainment centers. Orange County's robust leisure market includes such attractions as the Anaheim Convention Center, Knott's Berry Farm, Honda Center, Angels Stadium and the Orange County Center for the Performing Arts.
The hotel is also located just one half mile from the Anaheim GardenWalk, Orange County's newest upscale lifestyle entertainment center. The Anaheim GardenWalk, which is being developed by Excel Realty, boasts nearly half a million square feet of retail, restaurant and entertainment space.
"Proximity to this new development is important to the Hyatt Regency Orange County," remarked Ms. Fisher. "It will provide strong retail and higher end restaurant options for Anaheim. These new amenities position the city tosecure conventions from higher rated businesses which have traditionally passed on Anaheim due to a lack of restaurant and retail options."
In 2006, Orange County attracted 44.9 million visitors who generated more than $8 billion. With a population approaching three million, Orange County is the third largest in the state of California and Anaheim Convention Center is the largest of its kind in the west coast, driving significant consistent room night demand.
In 2006, Orange County attracted 44.9 million visitors who generated more than $8 billion. With a population approaching three million, Orange County is the third largest county in the state of California. In addition, Anaheim Convention Center is the largest of its kind on the west coast, driving significant consistent room night demand. The Hyatt Regency's Grand Ballroom is the hotel's largest room with more than 17,010 square feet. The hotel's 40 meeting rooms total 65,032 square feet of indoor meeting space with an additional 9,960 square feet of dramatic outdoor space allowing the property to accommodate functions for up to 5,000 guests.
More than $48 million has been spent in renovations and expansions to the property over the past seven years, and is considered to offer guests some of the highest quality guestrooms in the market More than one third of the units are suites, all rooms are generously sized between 280 – 580 square feet.
The 654 room and suite Hyatt Regency Orange County features a dramatic third floor Roof Top Garden with an outdoor heated pool, whirlpool, sundeck, tennis courts, basketball court, and fitness center. The hotel's second outdoor heated pool and whirlpool are located on the ground floor outside the North Tower. Additional amenities at the hotel include a 24-hour business center, car rental desk, wireless high speed internet, complimentary shuttle service to and from Disneyland, gift shop and concierge.
"During this challenging part of the economic cycle, the committed team at Molinaro Koger continues to work diligently - and successfully - for our clients to close deals and maximize value," added Mr. Koger.
Duringthe last18 months MK has structured more than $5 billion in hotel real estate transactions in the U.S. and worldwide. For further information about this transaction and current hotel property offerings, please contact MK at 703.760.9600 or via www.mkhotels.com.
Sharon Lemon (MK)
ABOUT MOLINARO KOGER
Founded in 1959, Molinaro Koger (MK) is the world's leading hotel-exclusive real estate brokerage, advisory and capital markets firm. MK provides clients with unparalleled service and commitment. During the past four decades the company has closed more than $15 billion in hotel property sales. Headquartered in Washington, DC, MK's offices are located in Atlanta, Chicago, Cincinnati, Dallas, Los Angeles, New York, Phoenix, San Francisco, London, Mumbai, Beijing, and Shanghai.
MK structures the transactions of luxury hotels and resorts, in addition to urban and mid-scale properties throughout the Americas, Europe, and the Far East. The firm closes, on average, more than 75 hotel transactions each year. Each member of the MK team posses a unique perspective and invaluable insight. Together they have leading-edge expertise in every aspect of the hospitality business.
For further information about this transaction and current hotel property offerings, please contact MK at 703.760.9600 or visit www.mkhotels.com.