$200M Marriott Sale Turns on Coastal Site

DANA POINT, CA-The 376-room Laguna Cliffs Marriott Resort & Spa has commanded top dollar for its rare seaside location in a Southern California market where such properties are nearly impossible to find or develop. Terms of the sale were undisclosed, but industry sources peg the price at just under $200 million.

EVP John Strauss of Jones Lang LaSalle, which brokered the deal, declined to discuss the price of the hotel, which sits on a bluff overlooking the Pacific Ocean. But Strauss tells GlobeSt.com that the Laguna Cliffs generated intense competition among prospective buyers and that the new owner, an institutional client of Cornerstone Real Estate Advisers, plans to invest considerably in upgrading and renovating the property.