The $137 million sale of the Hyatt Regency Orange County is the highest purchase price paid per room in Garden Grove, California at $208,000 per key. The purchaser, SCG America, a subsidiary of one of the largest construction companies in China – Shanghai Construction Group – considers the hotel its cornerstone in the western United States. The hotel, located in the Grove District - Anaheim Resort, will remain branded and managed by Hyatt Hotels.
This acquisition serves as an indicator to economic growth of the Grove District – Anaheim Resort, Garden Grove’s main tourist destination which generates over $16 million a year in TOT (hotel tax). Factors driving interest in the area include the Great Wolf Lodge Southern California – the first indoor water park resort in the state – which will open next February. The resort is expected to generate $8 million a year in revenue.
Other Grove District projects in the works include a new, full service, high-end, 750-room hotel, south of the Target store on Harbor Boulevard and is expected to generate an additional $3.5 - $4.3 million per year in hotel tax revenue.
New developments to Disneyland’s attractions, like Star Wars Land, and the $180 million, 200,000-square-foot expansion of the Anaheim Convention Center, located just one mile away from the Grove District, are other contributing factors for investments in the District.
For now, the Grove District is comprised of nine modern hotels that offer a variety of room sizes and rates to meet every tourist and business traveler’s needs. Providing hospitality to more than 22.5 million tourists that visit the area each year, the Grove District has more than 3,000 hotel rooms and over 85,000 square feet of event space, and is located within a few miles from many major Southern California attractions, beaches, airports, and freeways.
The Grove District recently completed a $5.8 million street and infrastructure rehabilitation along Harbor Boulevard. Street improvements made included new sewer, storm drain, and water line installations, and electrical conduits. Aesthetic upgrades to sidewalks, medians, traffic signals, bus shelters, and new landscape and hardscape were added to visibly enhance the District. The improvement area spans approximately 2,200 feet from the site of Great Wolf Lodge Southern California to Twintree Avenue.
The City’s Economic Development Division receives daily calls regarding hotel opportunities. For new development inquiries, call Senior Project Manager Greg Blodgett at (714) 741-5124 or email email@example.com.
For more information about the Grove District – Anaheim Resort, visit http://grovedistrictanaheimresort.com/.