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Thursday, Mar 28, 2024
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The Inn at Laguna is for sale

The 70-room Inn at Laguna Beach at the north end of Main Beach Park in downtown Laguna Beach is up for sale for an estimated $21 million.

Art Buser, executive vice president and head of west coast operations for Jones Lang LaSalle Hotels in Los Angeles, the company handling the sale, said he has had “numerous” inquiries about the hotel, from other hotel owners and operators, investment funds and wealthy individuals.

The owners are marketing the hotel as part of a bigger sell-off of properties operated by Chicago-based Coastal Hotel Group. Coastal owns part of the Inn at Laguna along with Paine Webber Real Estate Securities and Altamont Properties of Seattle.

“Most (investment) funds don’t hold real estate in perpetuity,” Buser said of the sell-off.

Coastal acquired the Inn at Laguna for about $7.5 million in 1993. In 1996, the company sold all but a small portion of its stake to Olympus Real Estate, which was subsequently bought by Altamont.

The hotel is one of six Coastal Hotel properties put on the market last week: Four of the other hotels are in Monterey; one is in Savannah, Ga. Coastal manages 18 other luxury, boutique and business-class hotels in nine states, including nine others in California.

The Inn at Laguna, once a modest beachfront motel, was transformed in 1990 into its current boutique hotel format. About three-fourths of the rooms have ocean views. The hotel has two small meeting rooms totaling 1,100 square feet and holding up to 30 people. Rates range from $99 to $529 per night.

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