While the Orange County residential real estate market might be bobbing up and down, the same cannot be said for the OC’s hotel industry. Atlas Hospitality Group of Irvine reports that California hotel sales last year were worth a record $5.3 billion, almost a 200% increase from 2010 and a pace that topped 2006′s previous record of $5.1 billion. While people may not be paying inflation prices for Orange County homes, it appears that they are not hesitating to spend money on a hotel room!
According to Atlas, the Orange County hotel industry has been busy this past year! The biggest sale? The $570 million purchase of the Manchester Grand Hyatt in San Diego in California. Not only did it set records in California, it was also the priciest 2011 hotel deal in the U.S. The most expensive hotel room, per room (selling price)? The Mondrian Los Angeles in West Hollywood at $578,059 per room.
In Orange County, Atlas found that transactions rose by 3 to 12, but dollar volume dropped by 49%. The most expensive 2011 hotel sale in Orange County was the Holiday Inn Hotel & Suites in Anaheim for a little over $26 million.
For more Orange County real estate news and happenings, follow Cheryl on Twitter @CherylSellsOC!