A hospitality start-up with family ties to Marriott Family has got their hands on a beach hotel in sunny Laguna Beach, California.
Dune walkersa new California-based company led by investors Cramer Williams And Chris Harrisonhas $80 million or $640,000 per key for the Pacific Edge Hotel at 647 South Coast Highwayone of the most expensive hotel sales in the Golden State this year, after Orange County Business JournalThe sellers, Highgate And Morgan Stanley (MS)acquired the 125-room hotel in 2017 for $57.5 million.
The new owners want to renovate the property, which could ultimately cost the equivalent of $1 million per key, according to the Business Journal.
Williams and Harrison are both managing partners of Houston-based Dauntless Capital Partnersa private equity firm founded by Williams in 2019 that focuses on hospitality investments (although Dauntless was not involved in the deal). Harrison is the grandson of Bill MarriottExecutive Chairman of Marriott International.
Patrick Deming from Eastdil secured helped arrange the sale, after Business Journal.
A representative for Dune Drifter could not be reached for comment. Former owner Highgate did not immediately respond to a request for comment.
Built in 1963 on beachfront property in Orange County, California, the 45,000-square-foot hotel consists of nine buildings spread across eleven lots.
Pacific Edge trading occurs approximately one month after Braemar Hotels & Resorts‘ 165 million dollar sale of the Hilton La Jolla Torrey Pines in La Jolla, California, about 15 miles north of downtown San Diego. JRK Real Estate Holdings acquired the resort with almost 400 rooms, which is located next to the famous Torrey Pines Golf Coursecapital from its 350 million US dollars Hospitality FundThe sale is one of the largest single-property transactions in California this year.
You can reach Nick Trombola at [email protected].
