Newport Beach-based Hanford Hotels sold its 175-room Hanford Hotel Buena Park at Beach Boulevard and the Santa Ana (I-5) Freeway to Pinnacle Co., a San Diego hotel management and ownership company, for $6.4 million. Costa Mesa-based Atlas Hospitality Group represented both the buyer and seller in the transaction, which was finalized July 7.
Hanford retains a portfolio of six other properties, including sites in Anaheim Hills and Tustin, as well as hotels in Northern California, where the company earlier this year acquired the Hilton Concord.
Mike McGlone, president and COO of Hanford, said the sale was the result of a desire by the company to “focus on different types of properties.” The Hanford Buena Park is a limited-service hotel, while the company’s recent acquisitions have been full-service facilities.
McGlone said the company is looking for additional hotels in Orange County and the Anaheim Hills and Tustin hotels are not for sale.
Last year, Hanford Hotels purchased the Holiday Inn Costa Mesa from Linquist & Craig Hotels & Resorts for $13.3 million. That hotel is undergoing a $5 million renovation that is expected to be complete by fall.
Hanford Hotels is a 30-year-old private company that had approximately $17 million in 1999 gross revenue.
