Orange County, CA – December 1, 2021 – The 200-all suite hotel located at 7762 Beach Blvd in Buena Park has sold for $21,500,000 or $107,500 per room. The buyer was BPH Group LLC a newly formed private investment group experienced in operating and ownership in other Southern California hospitality assets. The buyer assumed an existing securitized loan in the approximate amount of $16,400,000. The seller was Golden Capital Ventures LLC who acquired the property in 2015.
The hotel has been re-named the Buena Park Grand Hotel and Suites and will be managed by Aimbridge Hospitality. The property will undergo major renovations over the next twelve months including a re-naming under a major hotel franchise flag. The seller had entered a Chapter 11 reorganization in 2020 culminating in the sale which was handled by brokers Bob Kaplan of Roberts Hospitality and Daniel Shaunt of Reeco. The seller’s bankruptcy counsel was Robert Marticello of Smiley Wang-Ekvall.
According to Mr. Kaplan,
“the sale process presented a wide array of challenging complexities and documentation due to the bankruptcy procedure and the assumption of an existing CMBS loan. With a full renovation and re-branding planned, the hotel’s all-suite configuration will position the hotel to take advantage of the leisure business generated by Disneyland and Knott’s Berry Farm.” Mr. Shaunt adds, “the new owners have a proven track record of revitalizing hotels through property improvements and re-branding. He further adds that the patience of the buyer to complete this transaction will be rewarded as the local leisure market recovers over the next couple of years.”
