Older OC Hotels Can be Competitive
Now is the time to be on the hunt for OC hospitality properties, Trigilds managing director of hospitality John Beazley tells us; its a high-barrier-to-entry market, and older properties are available to be repositioned to compete with newer, upscale hotels in the region. Were looking at other acquisitions in Orange County, possibly development deals as well, he says, includinghigh-profilebrands but also independent, coastal hotel properties that the company can reposition for a long-term investment--economy brands in prime locations, which are optimum forupgrading.
San Diego-based Trigild, along with Blu Hotel Investors and Pacifica Real Estate Group, recently bought the 121-room Santa Ana Hampton Inn & Suites at 2720 Hotel Terrace Dr in Santa Ana and plans to do exactly that kind of repositioning, with $1M in renovations. Built in 1992, the hotel is on 1.4 acres near South Coast Plaza and John Wayne International Airport. The refurbishment will encompass the exterior, lobby, meeting space, breakfast room, guest rooms, guest bathrooms and outdoor pool.
