SCG America Expands its U.S. Footprint; Takes Control of Major Hotel and Mixed-Use Development in Garden Grove, California
July 13, 2016 9:30am
Newport Beach, CA – July 13, 2016 -- Maxim Hotel Brokerage is pleased to have represented SCG America in taking control of the approved Grove District Resort Hotel Development, a mixed-use development project located on Harbor Boulevard within the Anaheim Resort Area, just south of Anaheim Convention Center and Disneyland. Garden Grove’s City Council approved an entity controlled by SCG America as the developer. SCG America is an established and locally based subsidiary of one the largest construction companies in China and the world, with 20 years of experience in the US and significant holdings in NY and the LA area. The project marks their second major investment into Garden Grove, following their purchase of the nearby Hyatt Regency in October, 2015. According to Mayor Pro Tem Steve Jones, "By unanimous vote, the Garden Grove City Council has approved the largest and most exciting project ever to be developed in the city's history and we are thrilled to welcome SCG America with open arms."
The development agreement with the City of Garden Grove allows a combination of up to three hotels (769 rooms), up to 39,000 square feet of event/meeting space, maximum of 20,000 square feet of restaurant/bar space, several restaurants and structured parking, all on approximately 5 acres. According to Harry Pflueger, Principal with Maxim Hotel Brokerage, “This development project is an excellent example of a Public Private Partnership between a major Chinese developer and a City that has built a strong track record of welcoming first class development to its community.” Greenburg Traurig shareholder Eudeen Y. Chang, who led the legal team on the acquisition noted, “SCG America’s local team and presence, combined with its ownership of the Hyatt Regency Garden Grove and 20 years of experience doing business in the US help to make SCG America the perfect investor to see this development through to completion.”
SCG America will continue the planning and programming process that is already underway, with ground breaking planned in 2018. The local Anaheim area hotel market continues to show growth year-to-date through April, 2016, with increases in both occupancy (up 4.2%) and average daily rate (up 1.6%), according to the latest PKF Trends Report.
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Shanghai Construction Group (SCG), one of the leading construction companies in China for over sixty years, has registered numerous new records in the course of China's development over the decades, particularly in the country’s construction industry.
SCG possesses core technologies in the construction of mega tall high-rise buildings, bridges, light railways, public culture and sport facilities, industrial establishments, environment protection projects and more. At the same time, SCG has also completed about 100 landmark projects in more than 30 overseas countries and regions.
SCG America (SCGA), a wholly owned subsidiary of Shanghai Construction Group (SCG) was established in the U.S. more than 25 years ago with branch offices and projects in New York City, NY; Los Angeles, CA; Washington, DC; Houston, TX; Toronto, Canada; Edmonton, Canada; Trinidad and Tobago; Barbados; Jamaica; Antigua; Guyana; Grenada; and Dominica. SCGA’s services range from construction management, general contracting, real estate development, real estate fund management, to international trading of construction materials and equipment. SCGA currently has over $2 billion investments in real estate development in New York and California.
Maxim Hotel Brokerage, Inc. has offices in Newport Beach and Las Vegas with a focus on Western US hotel transactions and gaming properties in Nevada. The company was formed in 2002 by Jack Carr (email@example.com) and Harry Pflueger (firstname.lastname@example.org).
Contact: Harry Pflueger
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