New investment group that includes Bill Marriott's grandson acquires Pacific Edge hotel in Laguna Beach for a reported $80 million.
LAGUNA BEACH, California – Dune Drifter, a new Century City, California-based firm founded
by investors Cramer Williams and Chris Harrison, who is the grandson
of Bill Marriott, acquired from Highgate Hotels and Morgan Stanley for $80
million ($640,000 per key) the 125-room, beachfront Pacific Edge Hotel in
Laguna Beach, California, according to the Orange County Business Journal. The
sellers acquired the property in 2017 for $57.5 million.
The deal marks the highest per key price paid for a hotel in
California this year.
The new owners plan a refresh originally proposed by
Highgate and Morgan Stanley. Approved plans that could cost more than $125
million call for adding 25 rooms, a 60-seat cafe, office and conference areas
and a porte cochère entrance. The pool and spa would be relocated, as well.
The hotel built in 1963 and has 11 buildings that stretch
from the Pacific Coast Highway to the beach.
Dune Drifter was founded in April by Williams and Harrison.
Williams is a Wall Street veteran who founded Dauntless Capital Partners in
Houston.