Hotel Group’s $33 Million Loan Reflects Demand Near Disneyland in Irvine, Californiaadmin
Attractions Boost Business Near Orange County’s John Wayne Airport
JLL arranged a $33.25 million refinancing for the Hampton Inn & Suites Irvine-Orange County Airport, a 164-room limited-service hotel in Irvine, California, that’s benefiting from demand from the nearby Disneyland Resort.
The real estate services company arranged the 10-year fixed-rate loan placed with a commercial mortgage-based securities lender it did not name on behalf of Orange County, California-based S3 Hotel Group.
JLL’s marketing of the debt resulted in 10 loan quotes from top-tier asset-backed and specialty balance sheet lenders, a reflection of the continuing liquidity in debt capital markets, JLL Director Olga Walsh said in a release.
The 164-room hotel at 2192 Dupont Drive built by S3 Hotel Group last year is less than a mile from John Wayne Airport in Santa Ana, Orange County’s largest commercial and general aviation airport, serving more than 10 million passengers yearly. It’s also near the University of California, Irvine, Angel Stadium and the Orange County’s 23.7 million-square-foot airport area office district.
The Anaheim/Santa Ana lodging market attracts more than 20 million leisure visitors a year, with robust occupancy fueled by visits to such attractions as Disneyland’s new “Star Wars: Galaxy’s Edge” prompting a wave of new Orange County hotel development this year, according to Westbury, New York-based hospitality industry research firm HVS.