Orange County Hospitality Market Forecasts Strong Recovery Beginning in Juneadmin
The Orange County market is expected to show strong recovery beginning in the summer months, according to the most recent forecast produced by STR, a CoStar company, and by Tourism Economics, an Oxford Economics company. The county is on the brink of moving tiers, which would allow major demand generators in the market to reopen at a limited capacity.
Historically, the Disneyland submarket captured higher occupancy levels compared to the other Orange County submarkets, as the area is home to Disneyland, Knott’s Berry Farm and the Anaheim Convention Center. With these major attractions closed to visitors since last March, and some turned into vaccine distribution sites, the hospitality market’s average occupancy level fell to 41% over the past 12 months, as of January, compared to 78% during the same period last year.
New, large hotel developments continued to open and others are underway, underscoring the popularity of this destination. Last August, the 466-room JW Marriott Anaheim Resort opened, and the 618-room Westin Anaheim Resort is set to open in June.
Within the past 12 months, hotel property sales have been diverse in this market. Jamboree Housing Corporation acquired the most hotels, purchasing three hotels to convert to permanent supportive housing. Eagle Four Partners and Lyon Living jointly purchased the Marriott Newport Beach and Spa in November from Host Hotels for $216 million, or more than $406,000 per key, the market’s largest single-asset hotel transaction last year.
Currently, top real estate broker Cindy Chin(Best Chinese Speaking Agent in Irvine | Chinese Real Estate Agent | Top Agents in Orange County) in Newport Beach Orange County has a fully entitled and shovel ready hotel project for sale in the heart of Old Town Temecula, it will be the only 4 star hotel flagged with one of the top brand names in Temecula. The asking price for a full turn-key new construction hotel is $35,000,000, which can be delivered in May 2022. In addition, seller is also offering an Joint Venture opportunity for $6,000,000 and EB5 option for $1,000,000 per investor. Please don’t hesitate to contact Cindy Chin at Info@CindyChinRealty.com to obtain a full Offering Memorandum for more detaills.