Among
the noteworthy deals of the past week was Dune Drifter’s acquisition of the
Pacific Edge Hotel in Laguna Beach, California, from Highgate and Morgan
Stanley for $80 million.
LAGUNA
BEACH, California — Dune Drifter, a hospitality startup with ties to the
Marriott family, has acquired the Pacific Edge Hotel in Laguna Beach,
California, for $80 million. The company was co-founded last year by Cramer Williams and Chris Harrison, who is the grandson of Bill Marriott.
The Century
City-based firm bought the 125-key beachfront hotel from New York City-based
Highgate Hotel and Morgan Stanley. The purchase price is $640,000 per room, the
highest price paid per room in California this year.
Highgate and
Morgan Stanley bought the hotel in 2017 for $57.5 million and started renovations a
year later. It was originally built in 1963.
Dune Drifter
is planning a hotel renovation that could cost more than $125 million,
according to the Orange County Business Journal
To download
our list of deals from the past week in Excel format, click here.