115-Key Boutique Hotel in Anaheim Hits Market for $25MM

Grand Legacy at Park, Anaheim, Marcus & Millichap, The Fifth, Tony Roma’s Restaurant, Disneyland, California Adventure, Anaheim Convention Center, Knott's Berry Farm, Santa Ana Zoo, John Wayne International Airport, Los Angeles International Airport, Ontario International Airport

By Catherine Sweeney 

The hotel industry in Southern California continues to pick up as tourism across the state improves. With that, the industry has seen an increase in hotel transactions, with more hotels being put on the market. One such listing that recently hit the market in Anaheim is a portion of the 230-room Grand Legacy at Park Hotel. 

According to an offering memorandum obtained by The Registry, the listed portion includes 115 rooms and attached retail space. Located on just over an acre of land, the for-sale portion of the hotel has been listed for $25 million, or approximately $251 per square foot. 

According to the property listing by Marcus & Millichap, the four-story hotel is located at 1650 S. Harbor Boulevard. In total, the hotel encompasses 99,572 square feet. The hotel was initially built in 1958 with most recent renovations occurring in 2016. 

The property also includes several amenities, including a heated outdoor pool and spa and guest laundry facilities The attached retail space includes Tony Roma’s Restaurant and The Fifth, Anaheim’s only rooftop restaurant and bar. The Fifth restaurant is included in the listing, while Tony Roma’s restaurant and the remaining hotel rooms are not. 

The property is owned and operated by its only tenant, the Grand Legacy Hotel. Currently, the hotel has 19 years remaining on its lease. Rent on the portion up for sale is either the base rent of the property or a percentage of revenue, whichever is greater. Currently, base rent is $349,680. 

Positioned just a short walk from Disneyland and California Adventure, the hotel is located in a prime tourism spot. According to the offering memorandum, the popular attractions saw approximately 28 million visitors in 2019. Other nearby attractions include the Anaheim Convention Center, Knott’s Berry Farm, the Santa Ana Zoo and more. 

In addition, the hotel is easily accessible from Interstate 5 and several California State Highways. Three international airports – including John Wayne International Airport, Los Angeles International Airport and Ontario International Airport – are also within 35 miles of the property. 

According to Marcus & Millichap, the hotel benefits overall from its Anaheim location. With an average 25 million visitors to Anaheim annually, the city is a popular tourist destination. In 2019, visitors to the city spent approximately $13 billion. The city also is home to more than 346,000 residents and 24,000 businesses. 

“Anaheim is a modern, diverse city with a proud history dating back to its 1857 founding. Anaheim is known worldwide as the home of the Disneyland Resort, including Walt Disney’s original Disneyland Park, as well as Angel Stadium of Anaheim and Angels Baseball, Honda Center and the Anaheim Ducks, and the Anaheim Convention Center, the largest on the West Coast. Anaheim’s thriving visitor industry and business community help support the city’s neighborhoods and make Anaheim a great place to live, work and play,” the offering memorandum stated.  

Marcus & Millichap did not respond in time to comment on this story.