Although slower, California hotel sales set new record for median price per room
While hotel sales in California have cooled from their highs of last year, transactions during the first half of 2022 set a new record for median price per room and approached other records as well.
The Atlas Hospitality Group’s 2022 Mid-Year California Hotel Sales Survey reports that the state recorded 263 individual sales in the first half of the year, down 9.9% from compared to the first half of 2021. Total dollar volume reached $3.49 billion, or 33.59% year-on-year. one year decrease. However, the state hit a new all-time high for the median price per key at $143,443, a 12.7% year-over-year increase.
Los Angeles County led with the most hotel deals with 36. The deal with the highest price per room was the 295-room Fashion Island Hotel Newport Beach in Orange County, which will become a Pendry Hotel, in a $145 million lease sale. at around $491,525 per room.
“Sales have cooled somewhat from the record pace set in the first half [of last year]but it is still the second-highest number of individual sales and the third-highest total dollar volume during this six-month period,” said Atlas President Alan Reay.
Read the full article on HotelNewsNow (part of CoStar)