Certainly one of Southern California’s premier seaside resorts, the Ritz-Carlton, Laguna Niguel, has been bought for an estimated $600 million as the highest finish of the state’s lodge market continues to thrive.
The luxurious inn, the place rooms begin at about $1,300 an evening, was one in every of Orange County’s first large-scale oceanfront resorts when it opened in 1984 on a bluff overlooking the Pacific in Dana Level.
Its new proprietor is Denver personal fairness agency KSL Capital Companions, which invests in high-end leisure vacation spot properties similar to a seventeenth century fort resort in Scotland, Camelback Resort in Pennsylvania’s Pocono Mountains and the Westin Hilton Head Island Resort & Spa in South Carolina.
The latest sale of the Ritz-Carlton, Laguna Niguel, was valued at $600 million by lodge business analyst and dealer Alan Reay, president of Atlas Hospitality, primarily based on latest value determinations and comparable gross sales of different resorts.
“Trophy properties in irreplaceable places nonetheless command a premium in immediately’s market,” Reay mentioned. “The properties which are doing the most effective are within the higher-end luxurious division. Those who have cash are nonetheless touring and are prepared to pay the costs that it’s a must to pay to remain on the Ritz-Carlton.”
KSL declined to remark.
The 373-room oceanfront resort final bought in 2016 for $317.2 million as a part of China-based Anbang Insurance coverage Group’s $5.5-billion acquisition of the Strategic Inns & Resorts portfolio from Blackstone Group, actual property knowledge supplier Costar mentioned.
Final 12 months the Ritz-Carlton, Laguna Niguel, underwent a $50-million renovation of its 373 visitor rooms, suites and spa. The lodge is close to Laguna Seashore and San Juan Capistrano and a 40-minute drive to Disneyland.
With its ballroom and assembly services, the resort is ready to appeal to conventions, company retreats and weddings in addition to high-end tourism, Reay mentioned. “For Orange County, it’s very various.”
KSL’s affiliated administration agency, Peregrine Hospitality, will function the property.
Final summer time, KSL purchased three luxurious properties from luxurious hotel-focused REIT Braemar Inns & Resorts for $437.5 million. CoStar mentioned. The properties are the Ritz-Carlton Sarasota in Florida, and the Resort Yountville and Bardessono Resort and Spa in California’s Napa area.
