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Tuesday, May 24, 2022

Prospera Adds to Anaheim Hotel Holdings

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The developer of Anaheim’s soon-to-open Cambria Hotel & Suites near Disneyland has quietly sold off its interest in a nearby hotel it built four years ago.

Property records show Santa Ana-based Nexus Cos. near the start of the summer completed a transaction that saw the privately held firm sell off its 50% interest in the Anaheim Homewood Suites, a 215-room property along Harbor Boulevard, across the street from the Anaheim Convention Center.

The firm sold its interest in the project to Orange’s Prospera Hotels for about $36.6 million; Prospera already owned the other 50% interest in the four-story property, which sits next to a massive surface parking area used for the convention center and the Disneyland Resort.

Prospera’s other properties in the vicinity include some of the area’s newer hotels, including the nearby Hyatt House at the corner of Harbor and Katella Avenue and a Hampton Inn & Suites in the city’s resort area.

It’s also developing with Anaheim-based O’Connell Hotel Group the JW Marriott, a 466-room, 12-story hotel next to the Gardenwalk shopping center. The estimated $150 million project is expected to open next year.

Cambria Close

The deal with Nexus values the Homewood Suites at nearly $340,000 per room.

It opened four years ago and offers one-bedroom, two-bedroom and studio suites. Amenities include a pool with water slides, Jacuzzi, kids’ Splash Fountain, sport court, wading pool, and an outdoor movie wall, according to Nexus.

More waterpark-type features are planned at the Cambria Hotel, a 12-story, 350-room hotel finishing up work along Katella Avenue.

Features include a 30,000-square-foot waterpark “with multiple water slides, pop-up jets, splash pads, [and] kiddie pool,” according to the Nexus’ website, which is also a developer of the Vivante senior living project in Costa Mesa; a similar upscale project is in the works near Fashion Island in Newport Beach.

The hotel’s website indicates the Cambria will open next month.

Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.

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