News for the Hospitality Executive
Los Angeles - July 6, 2009 PKF Capital Los Angeles has arranged the sale of the 147-room Holiday Inn Laguna Hills located in Orange County, California, at a sales price of $12,000,000. The seller was Laguna Hills Hotel Development Venture, LP, with Clement Chen as partner, and the buyer was Leeís Laguna Hills Resort, LLC, with Dwight Chang as managing member along with Michael Mofid as a member. Michael Mofid will be the general manager, a position he held at the property with the sellerís family several years ago. The seller provided financing of $6,000,000 to accommodate the sale.
The Holiday Inn Laguna Hills is an iconic South Orange County property, prominently located at Interstate 5 and La Paz Road. The hotel sits on 6.0 acres of land and features over 7,000 square feet of meeting and banquet space, plus a restaurant and lounge. Originally opened as a Hilton Inn, the hotel was later converted to a Holiday Inn. The new owners are in the process of planning remodeling and future renovations for the property.
About PKF Capital - PKF Capital provides comprehensive multi-service hotel brokerage to the hospitality industry. PKF Capital was formed in early 2007 as a result of the merger of PKF Consulting, one of the premiere hospitality consulting firms in the U.S., with Colliers International Hotels.
PKF Capital was created with the vision of a unique platform to serve our clients in the US hotel investment market. This unique platform for delivery of extraordinary client service begins with a team of experience hotel brokers known for their integrity and local market knowledge. Supporting this team are the PKF Consulting and Hospitality Research divisions, which provide current market data and accurate industry operating results, enabling us to deliver the highest quality documentation and solid results. PKF Capitalís access to capital markets is through Cohen Financial, a partner through common ownership. PKF Capital believes successful transactions will result from solid fundamentals that include strong market knowledge and market trends, realistic and accurate financial projections, and current understanding of the capital marketís impact on our industry.
The professionals at PKF Capital are available to provide market analysis,
broker opinion of values, or to make a personal presentation on the current
state of the hospitality market. For further information about the
services of PKF Capital or the above transaction, contact: