The 224-room Crowne Plaza Costa Mesa Orange County has traded hands a few years after being converted from a boutique property.
The five-story property, just south of the San Diego (I-405) Freeway on Bristol Street, was acquired last month by Bright Bristol Street LLC, a Diamond Bar-based investor, according to property records.
Records show that the buyer is affiliated with Brighton Management, a privately held real estate developer and manager of hotel properties.
The company, which has about 40 hotels under management, has its executive offices in Diamond Bar and is headquartered in Irvine.
CoStar Group Inc. records show the hotel sold for about $37.5 million, or roughly $167,000 per room.
That estimated price represents a roughly 57% jump in value in a little more than three years.
A venture between Wilton, Conn.-based investment manager Westport Capital Partners and Los Angeles-based Urban Commons LLC sold the hotel, which they acquired in mid-2012 for a reported $23.8 million.
The property had been operating as the Hotel Hanford, a boutique hotel, at the time of the 2012 sale. It underwent a major renovation about six years ago and was converted to a Crowne Plaza later that year.
Brighton Management had been operating the hotel since 2012, according to InterContinental Hotels Group, which oversees the Crowne Plaza brand.
Newport Dunes
The purchase of the Crowne Plaza hotel is one of two notable local hospitality deals involving Brighton Management announced in recent months.
In December, Orange County’s board of supervisors disclosed that Brighton was in the early stages of preparation to build a pair of hotels on a portion of Newport Dunes, a 102-acre marina property in Newport Beach.
Newport Dunes is on county-owned land near the intersection of Pacific Coast Highway and Jamboree Road in Upper Newport Bay.
Brighton Management has proposed building a Holiday Inn Resort and a Staybridge Hotel on a 14.3-acre portion of the land, according to county documents. The hotels would total 275 rooms.
A multiyear entitlement period would be needed before the project moves ahead.
Brighton is “working toward the development of conceptual plans and is proceeding with the entitlement process,” according to county documents.
The Holiday Inn Resort and Staybridge Hotel would be “value-oriented accommodations” for guests, the latter geared toward extended-stay guests, county documents note.
