OC hotel sales remain flat in third quarter

Despite a continuing tight market for hotel financing and the sale of just one of Orange County's largest 50 hotels, third-quarter hotel sales were up slightly compared to the third quarter of 1999.

There were seven hotel sales in the third quarter, compared with three for the same period-

The higher 1999 average sales price was largely due to the sale of the Holiday Inn Costa Mesa, which was acquired by Newport Beach-based Hanford Hotels for about $15 million.

This year, the largest hotel deal in the third quarter was the $7.8 million sale of the 253room Holiday Inn Anaheim at the Park, which ranked No. 35 on the most recent Business Journal list of OC's largest hotels. The second-biggest sale was the 175-room Hanford Hotel in Buena Park, which had a price tag of $6.2 million.

All third-quarter hotel sales were in North County: the Angel Inn, Cypress Suites, Granada Inn and Holiday Inn, all in Anaheim; Best Western and Hanford Hotel in Buena Park and Fullerton Motor Lodge in Fullerton.

Through September of this year, there were 23 hotel sales in the county, the same as for the same period last year.

Source: Atlas Hospitality Group, Costa Mesa