Local Voices
Newport Beach Hotel Sold
Sales of hotel properties along the California Coast are extremely rare, says the sales group behind the deal.
The Newport Beach Hotel and an adjacent four-unit apartment complex recently changed hands.
According to The Resort Group, Jones Lang LaSalle’s Hotel & Hospitality Group and JLL's Capital Markets, an Orange County-based private investor purchased the property for $7.14 million.
“Hotel product along the California coast is very limited, expensive and rarely offered for sale," said JLL Senior Vice President Tony Muscio. "This was a unique opportunity to acquire a property in a high barrier-to-entry market where very little new supply is projected."
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The boutique hotel, located at 2306 West Oceanfront, features 15 rooms, lobby wine bar and onsite parking.
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