Two aging hotels in Disney’s resort district in Anaheim could meet the wrecking ball after an Irvine investor paid just over $20 million for both properties.
In late June, the 60-year-old Budget Inn in Anaheim sold for $12 million to Sunstone Development, according to property records.
The Mogharebi Group brokered the deal for the seller, a family trust. The brokerage said Sunstone is exploring “long-term alternative strategies for the site including full-service hotel uses.”
The deal for the 24-room hotel at 1042 Ball Road was the second on that block for Sunstone, which also bought the adjacent 44-room Days Inn by Wyndham for $8.66 million last September. The Days Inn at 1030 W. Ball Road sits at the northwest corner of Disneyland Drive.
Otto Ozen, an executive vice president at Mogharebi, said Sunstone saw the combined properties as “much more valuable than the sum of its parts.”
Blake Wettengel, chief executive officer at Sunstone, said the firm was “excited to be Disneyland’s neighbor and a part of Anaheim’s future.”
The firm declined to provide more details, only saying they are “looking at various options.”
Hyundai’s US division buys building in NYC for $22M
Fountain Valley-based Hyundai Motor America is joining a burgeoning automaker mecca in New York City’s Meatpacking District, buying a boutique building at 500 West 14th St. for $22 million.
The automaker, like Irvine-based Rivian Automotive and several other brands, is looking to expand its presence in the Big Apple.
The freestanding building is just blocks from the Hudson River.
“The building will provide HMA with further prominent branding in one of New York’s most popular neighborhoods,” said Don Yahn at Cushman & Wakefield, which represented HMA in the deal.
Other automakers in the area include Genesis, Lucid Motors, Mercedes-Benz, Lexus and Polestar.
In June, Rivian unveiled its plans to occupy a building in the Meatpacking District. The hipster enclave on…
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