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Inn at Laguna Sells for $19.25 Mil

LAGUNA BEACH, CA-The 70-room hotel has been snapped up by Classic Hotels & Resorts, which plans to renovate the property. The Phoenix, AZ-based buyer plans to extensively renovate the hotel in order to reposition the property.

By Erin Cassin | Updated on July 10, 2001

LAGUNA BEACH, CA-A 70-room, oceanfront hotel on Laguna Beach has been sold to a privately held company, Classic Hotels & Resorts. The deal is valued at approximately $19.25 million or $275,000 per hotel room.

The Phoenix, AZ-based buyer plans to extensively renovate the hotel in order to reposition the property. A strategic management company, Classic Hotels & Resorts redeveloped the Arizona Biltmore Resort & Spa and has been involved in the development, ownership and management of more than 4,000 hotel rooms in the Southwest over the past 20 years.

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