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REAL ESTATE: 408-room, bay-area resort has ground lease
In the biggest hotel deal in Orange County in over a year, a Los Angeles-based investor has bought the Hyatt Regency Newport Beach.
The 408-room property on 26 acres next to the Back Bay on Jamboree Road, was acquired late last month by an affiliate of a L.A.-based real estate investment and development firm Woodridge Capital Partners LLC, property records show.
The hotel is Woodbridge and Chief Executive Michael Rosenfeld's only known OC investment.
Financial terms weren't immediately disclosed. Woodbridge took out a $78 million loan to finance the deal, according to trade industry reports, or $191,000 per room.
It was sold by Aliso Viejo-based real estate investment trust Sunstone Hotel Investors Inc., which had owned it since...