Sixteen Orange County hotels sold for more than $372 million in the first six months of the year, an average of $23.3 million and 201% higher by dollar volume year-over-year, according to hotel broker and consultant Atlas Hospitality Group in Irvine.
The price-per-room rose about 15% to top $202,700.
Hotels sold have more than 1,800 rooms combined, compared with about 890 a year earlier. The big increase in room count and dollar value on just two additional sales point to larger hotels being sold headlined by more marquee deals.
The largest and most expensive sale so far this year was the $125 million paid in February for the 444-room Fairmont Newport Beach, a price-per-room of $282,000.
Aliso Viejo-based hotel real estate investment trust Sunstone Hotel Investors Inc. sold the hotel to a China-based owner working through Infinity Realty Advisors in Los Angeles.
The property has been temporarily renamed The Duke, with new manager, Crescent Hotels & Resorts in Fairfax, Va. It’s being renovated and will become the Renaissance Newport Beach next year.
