JLL's Hotels & Hospitality Group announced that the firm arranged the sale of the Pacific Edge Hotel on behalf of a joint venture owned by certain affiliated entities of Westport Capital Partners, LLC. Highgate, in a joint venture with Morgan Stanley Real Estate Investing, purchased the 109-key property for $57.5 million.
International Director John Strauss, Executive Vice President Tony Muscio, and Vice President Willis Cheng led the JLL team on the transaction.
The Pacific Edge Hotel is ideally located along the world-prominent Pacific Coast Highway in the heart of downtown Laguna Beach, overlooking the Pacific Ocean. The property features two acclaimed oceanfront food and beverage outlets, including Driftwood Kitchen, named #1 Best New Restaurant in Orange County by The OC Register, and The Deck, Orange County's most popular open-air, beachside restaurant. Unique to the property is five stylized oceanfront Bungalows, utilized for indoor and outdoor daytime spaces that offer the most unique beach experience and social gathering. Additionally, the hotel offers over 4,000 square feet of meeting space, two outdoor heated pools and whirlpools, and direct beach access.
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