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Anaheim Marriott Suites hotel proposing to convert its 371 units to hotel condominums
Thursday, January 18, 2007
Hotel condo project proposed in Garden Grove
Garden Grove planners will hear a hotel's bid to sell its rooms as condominiums that owners could visit four weeks a year.
By DEEPA BHARATH
THE ORANGE COUNTY REGISTER
GARDEN GROVE – The Planning Commission tonight will consider a proposal by the Anaheim Marriott Suites hotel, which is in Garden Grove, to convert its 371 units into hotel condominiums.
The concept is flourishing in states such as Florida and Hawaii, developer Mark Hyatt said.
Buyers would own the unit as a condominium, but could use it only four weeks a year, he said. The rest of the year, the suites would function as hotel rooms that would be rented out to others.
"It's a solid investment in a growing part of Orange County," Hyatt said. "It's an opportunity to own a piece of the Marriott, and owners can use it like a timeshare while enjoying all the amenities of a hotel."
City staff members are recommending approval because of the financial gain that could come from the expected $93 million in sales, said Lee Marino, senior planner.
Each unit could go for up to $275,000, depending on the real estate market, he said.
The project woud go before the City Council if the Planning Commission approves it.
The Marriott Suites hotel, blocks from Disneyland, is in a city-designated resort area on Harbor Boulevard where city officials envision hotels, shops and eventually two theme parks.
Hyatt said the hotel-condo project timeline would depend largely on the real estate market.
"We've already done quite a lot of work on the project," he said. "But whether it makes sense in this market remains to be seen."
http://www.ocregister.com/ocregister...le_1547762.php
Hotel condo project proposed in Garden Grove
Garden Grove planners will hear a hotel's bid to sell its rooms as condominiums that owners could visit four weeks a year.
By DEEPA BHARATH
THE ORANGE COUNTY REGISTER
GARDEN GROVE – The Planning Commission tonight will consider a proposal by the Anaheim Marriott Suites hotel, which is in Garden Grove, to convert its 371 units into hotel condominiums.
The concept is flourishing in states such as Florida and Hawaii, developer Mark Hyatt said.
Buyers would own the unit as a condominium, but could use it only four weeks a year, he said. The rest of the year, the suites would function as hotel rooms that would be rented out to others.
"It's a solid investment in a growing part of Orange County," Hyatt said. "It's an opportunity to own a piece of the Marriott, and owners can use it like a timeshare while enjoying all the amenities of a hotel."
City staff members are recommending approval because of the financial gain that could come from the expected $93 million in sales, said Lee Marino, senior planner.
Each unit could go for up to $275,000, depending on the real estate market, he said.
The project woud go before the City Council if the Planning Commission approves it.
The Marriott Suites hotel, blocks from Disneyland, is in a city-designated resort area on Harbor Boulevard where city officials envision hotels, shops and eventually two theme parks.
Hyatt said the hotel-condo project timeline would depend largely on the real estate market.
"We've already done quite a lot of work on the project," he said. "But whether it makes sense in this market remains to be seen."
http://www.ocregister.com/ocregister...le_1547762.php
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