Wyndham Orange County Sells at Foreclosure Sale
DECEMBER 7,2009 - Rosanna Inc. purchased the 238-room Wyndham Orange County at the foreclosure sale on November 24th for $21,000,000. The property is located at 3350 Avenue of the Arts in Costa Mesa, CA, and includes a full service hotel and parking garage on approximately three acres of land. Bob Kaplan and Rod Apodaca of the Los Angeles office of PKF Capital advised the buyers on the transaction.
The property was previously owned by Makar Baynorth Costa Mesa, an affiliate of Newport Beach based Makar Properties. Makar purchased the property in 2006 for $42,000,000 and secured a CMBS loan of $31,000,000. Makar purchased the property with the intention of remodeling the hotel and developing a 23 story residential condominium tower on the property before that market evaporated.
Since the property went into default in June, the hotel has attracted much attention from the hospitality investment community due to its premium location and potential for renovation and re-branding. The much anticipated foreclosure sale was attended by several hotel companies including representatives from hotel REITs, hotel investment funds, as well as several major local hotel investors.
Purchasing a property of this size and complexity through the foreclosure sale process is rare and difficult, however Rosanna Inc. saw the sale as an opportunity to acquire a hotel with great potential prior to it being marketed through the traditional sales process.
Rosanna Inc. is an international real estate company that owns and operates hotel, office, residential, and retail properties in the US, Japan, Europe, and Hong Kong.
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