Shortly after selling the Newport Beach Marriott Bayview in the largest local hotel sale in nearly a year, Host Hotels & Resorts is looking to unload another local property.
The Bethesda, Md.-based company (NYSE: HST) is in active negotiations to sell the 253-room Costa Mesa Marriott, according to regulatory filings.
The sale is expected “to close shortly,” according to Host, which said it is also in negotiations to sell four other properties in its portfolio, all outside of California.
A buyer for the 11-story hotel hasn’t been disclosed.
Host has owned the property since 1996; it’s one of two Costa Mesa hotels it runs, along with Westin South Coast Plaza.
The land and building for the 390-room Westin property is leased from an affiliate of the Segerstrom family; it’s not reported to be up for sale.
In July, the Business Journal was first to report on Host selling the Newport Beach Marriott Bayview to locally based Clearview Hotel Capital LLC, for about $78 million.
It’s the first local acquisition for Clearview, a privately held hotel investment and advisory company that buys, renovates, and runs hotels in urban and unique locations.
Host had owned the property since 1988.
Upgrades Underway
The Costa Mesa Marriott is along Anton Boulevard in the city’s Arts District. It is currently undergoing a multi-million dollar renovation project that will upgrade guestrooms and the pool, according to the South Coast Metro Alliance.
It’s one of several hotels in the area facing a refresh, in order to keep “with the culture of creativity, comfort and innovation that distinguishes Orange County’s Urban Center,” said Diane Pritchett, executive director of the Alliance, in a statement.
Half of the area’s 10 hotels have ongoing or planned renovations; the balance “will be looking to update in the near future,” according to the Alliance.
Local Activity
More big-dollar sales could be on the way.
The Business Journal reported last week that South Korean financial services group Mirae Asset Financial Group is expected to pay at least $900 million for the Montage Laguna Beach and Ritz-Carlton Laguna Niguel.
Also just selling: the 485-room Irvine Marriott (see story, page 1).
