The purchase price doesn't include the land under the hotel, says John Strauss, the Jones Lang LaSalle Hotels broker who helped to represent both sides in the transaction. Strauss adds that the buyer, New Age Anaheim Inc., was funded by Hong Kong investors.
The seller was 1221 South Harbor Boulevard Inc., a partnership that includes several Japanese investors. The tourism business in the Anaheim Resort area is expected to boom early next year, when Walt Disney Co.'s new California Adventure theme park will open, broker Strauss says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
