Holiday Inn Laguna Hills Sold
LOS ANGELES, CA, July 6, 2009 - PKF Capital Los Angeles has arranged the sale of the 147-room Holiday Inn Laguna Hills located in Orange County, California, at a sales price of $12,000,000. The seller was Laguna Hills Hotel Development Venture, LP, with Clement Chen as partner, and the buyer was Lee's Laguna Hills Resort, LLC, with Dwight Chang as managing member along with Michael Mofid as a member. Michael Mofid will be the general manager, a position he held at the property with the seller's family several years ago. The seller provided financing of $6,000,000 to accommodate the sale.
The Holiday Inn Laguna Hills is an iconic South Orange County property, prominently located at Interstate 5 and La Paz Road. The hotel sits on 6.0 acres of land and features over 7,000 square feet of meeting and banquet space, plus a restaurant and lounge. Originally opened as a Hilton Inn, the hotel was later converted to a Holiday Inn. The new owners are in the process of planning remodeling and future renovations for the property.
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