Holiday Inn Express Trades for $12M

GARDEN GROVE, CA-Parkcrest Development Corp. of Sacramento has sold the three-story, 103-unit Holiday Inn Express in the Harbor Corridor Entertainment District to KAON Investments LLC for $12 million, according to Colliers Seeley International. The property is at 12867 Garden Grove Blvd., close to Disneyland and the Anaheim Convention Center.Grace Yoon of Colliers Seeley’s Anaheim office represented the seller, with Kai Chon of Charles Dunn Co. representing the buyer. The Holiday Inn Express was built two years ago during a $54-million redevelopment project along the Harbor Corridor Entertainment District. It is a three-story building that features meeting rooms and other facilities in addition to the guest rooms.The sale of the Holiday Inn Express is the latest in a series of hospitality industry transactions in and around Anaheim and Garden Grove this year that have underscored the demand for hotel properties near Disneyland. Earlier this year, the owners of the 500-room Coast Anaheim Hotel unveiled plans to spend nearly $60,000 per room to upgrade the property and change its name to the Sheraton Anaheim Hotel at the Anaheim Resort.Also this year, a joint venture of El Segundo-based Pacific Coast Capital Partners and three other investors unveiled plans for a 390,000-sf retail development on a 19.3-acre site next to the Disney Resort and the Anaheim Convention Center. The project, known as Anaheim GardenWalk, will feature retail, entertainment and restaurant development along with a hotel component.The hotel portion of the project is planned for approximately 1,100 rooms, including timeshares, plus a six-level parking structure with more than 2,000 spaces. The development site is on the eastern half of the block bordered by Disney Way, Clementine Street, Katella Avenue and Harbor Boulevard.