Sunday, June 04, 2006
So Cal Ritz-Carlton Sold for $330M
So Cal Ritz-Carlton Sold for $330M
The Ritz Carlton Laguna Nigel on the Southern California coast has just been sold for $330 million, or approximately $840,000 per room. This makes it the second most expensive hotel sale in terns of price per room, only surpassed by the sale of the Hotel del Coronado in San Diego, which had a price tag of $1 million per room.
The 22 year old hotel has 393 rooms, including 38 suites, and was acquired by Strategic Hotels, who is hoping to increase their presence in the luxury hotel market in California. Strategic feels that not only is the beachfront property worth its high price, but that it is sure to increase in value over the next two decades given that space on the coast is both desirable and difficult to obtain. The hotel, prior to the sale, underwent a $40 million renovation that revamped the interior and improved their spa and fitness offerings. Rooms start at $400 a night and ocean-front suites are available for more than $2,000 per night. They also offer a $750 per night Mercedes-Benz package, which includes the use of a car.
The Ritz Carlton Laguna Nigel on the Southern California coast has just been sold for $330 million, or approximately $840,000 per room. This makes it the second most expensive hotel sale in terns of price per room, only surpassed by the sale of the Hotel del Coronado in San Diego, which had a price tag of $1 million per room.The 22 year old hotel has 393 rooms, including 38 suites, and was acquired by Strategic Hotels, who is hoping to increase their presence in the luxury hotel market in California. Strategic feels that not only is the beachfront property worth its high price, but that it is sure to increase in value over the next two decades given that space on the coast is both desirable and difficult to obtain. The hotel, prior to the sale, underwent a $40 million renovation that revamped the interior and improved their spa and fitness offerings. Rooms start at $400 a night and ocean-front suites are available for more than $2,000 per night. They also offer a $750 per night Mercedes-Benz package, which includes the use of a car.
