Quarterly Orange County Hotel Update
The Anaheim and Santa Ana hotel markets had a 7.7% decline in occupancy and a 3.5% decline in average daily rate through August this year vs. a year ago. Room revenue fell 6.4%. The Anaheim-Santa Ana area ranked No. 8 among the top-25 metropolitan markets in the U.S. year-to-date comparisons.
Recent Hotel Sales
Hotel sales in Southern California fell 15.7% in the first half of the year, with Orange County holding the highest percentage increase in the region. The biggest hotel changing hands was 180-room Holiday Inn Orange County Airport, which went for $12 million. The 45-room Best Western Newport Beach was the most expensive sale in the county, going for $135,119 per room. It was also the third most expensive sale in California. In Laguna Beach, La Casa del Camino, built in 1927, sold for $5.2 million. Guest rooms have been renovated; public areas and meeting space will follow. Once an oceanfront hideaway for the Hollywood set, the European-style boutique hotel has 39 guest rooms and a 2,200-square-foot terrace overlooking the ocean.
