Infinity Realty Advisors in Los Angeles said a client bought the 306-room Hilton Irvine/Orange County Airport.
A price wasn’t immediately available, but industry sources said the hotel was being marketed for about $80 million by the Los Angeles office of HFF, formerly Holliday Fenoglio Fowler.
The seller was an affiliate of DiNapoli Capital Partners in San Jose, which bought the hotel in January 2015 for an estimated $53 million, or $175,000 per room. An $80 million sale would be a per-room price of about $260,000—a 50% increase in 21 months.
The hotel recently completed a $6 million renovation that added four rooms for a total of 306, swapped out tennis courts in exchange for a tented outdoor meeting space, and connected restaurant Aura Bar & Grill to the lobby and patio.
“They opened up the floor plan” to make the space more inviting, said Karin Chao, a partner in Infinity. She said the hotel wants to expand the marketing of its event space.
Chao said that she, her father Eddy Chao, and Richard Alter are partners in Infinity, which advised a China-based buyer on the purchase of the Holiday Inn LAX in July.
—Paul Hughes
