The Laguna Cliffs Marriott Resort & Spa in Dana Point has sold for an estimated $200 million.
Prudential Real Estate Investors of New Jersey, a unit of Prudential Financial Group, sold the 376-room hotel to an institutional client of Hartford, Conn.-based Cornerstone Real Estate Advisers, part of Massachusetts Mutual Life Insurance Co.
In 2004, Prudential bought the Laguna Cliffs Marriott from Cigna Corp. for $84 million.
Some 20 offers were received for the hotel, according to Jones Lang LaSalle Inc., which handled the sale.
Cornerstone expects the hotel to keep the Marriott name. Property management firm Interstate Hotels & Resorts of Arlington, Va., is set to stay on.
The new owner plans to “reposition the resort to more effectively compete with the collection of luxury resorts such as the Ritz-Carlton, St. Regis and Montage,” all within six miles of Laguna Cliffs Marriott.
The hotel opened its new restaurant, Vue, in summer 2006 and its 14,000-square-foot spa earlier that year. A complete renovation was completed in 2005.
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Sandi Cain
