WASHINGTON, DC – January 23, 2020 – Berkadia’s Hotels & Hospitality team completed the $51 million sale of the Sheraton Park Hotel at the Anaheim Resort in Anaheim, California. Managing Director Kyle Stevenson arranged the sale by using RealINSIGHT Marketplace. The deal closed on December 19.
“The Sheraton Anaheim is a modern, well-designed property in an unparalleled location,” said Stevenson. “Continued growth and development in the area, including the pending opening of one of Disneyland’s biggest new attractions in years with Star Wars: Galaxy’s Edge, made this an opportune time for disposition and a well-timed acquisition for the buyer as the property is poised to deliver continued value.”
The Sheraton Park Hotel at the Anaheim Resort is a 490-room, full-service hotel within walking distance of the Disneyland® Resort parks and near to Anaheim GardenWalk, Angel Stadium and the Anaheim Convention Center. Located at 1855 South Harbor Boulevard, the hotel offers a mix of rooms and suites with private balconies. Amenities include a fitness center, an outdoor heated pool and a variety of on-site dining and restaurant options.
The seller opted to use RealINSIGHT Marketplace’s Custom auction process where investors make indicate bids and provide specific purchase and sale terms. RealINSIGHT Marketplace worked with Berkadia and the seller to invite qualified institutional buyers to participate in a two-hour auction event. Over 170 confidentiality agreements were signed with 14 registered bidders, resulting in a price well over reserve.
Berkadia’s Hotels & Hospitality group combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.
Sheraton Park Hotel in Anaheim, Calif., Sells for $52Mln | CRE Direct