JLL's Hotels & Hospitality Group arranged the sale of the Pacific Edge Hotel in Laguna Beach, Calif., on behalf of a joint venture owned by certain affiliated entities of Westport Capital Partners. Highgate, in a joint venture with Morgan Stanley Real Estate Investing, purchased the 109-key property for $57.5 million.
The transaction was carried out by JLL's team consisting of John Strauss, international director; Tony Muscio, EVP; and Willis Cheng, VP.
The Pacific Edge Hotel is located along the Pacific Coast Highway in downtown Laguna Beach, overlooking the Pacific Ocean. The hotel is one hour south of Los Angeles and one and a half hours from San Francisco. The property has two oceanfront food-and-beverage outlets, Driftwood Kitchen and The Deck.
Unique to the property is five stylized oceanfront bungalows, utilized for indoor and outdoor daytime spaces for social gathering. These bungalows can be reserved for use during the day, booked for special events such as weddings or rented. Additionally, the hotel offers more than 4,000 square feet of meeting space with room for groups of up to 100 people and a complete suite of audiovisual services and complimentary high-speed internet. The property also has two outdoor heated pools and whirlpools and direct beach access.