Hyatt Regency in Garden Grove sold to Chinese buyer for $137 million

SCG America, a subsidiary of the Shanghai Construction Group, has just bought the Hotel Regency Orange County in Garden Grove for $137 million. The Xenia Hotels & Resorts real estate trust, the seller, acquired hotel for $112 million in 2008.  The Chinese company is interested in the cash flow from the hotel operations as well as the development potential. The 656-room hotel has been 77% full this year with an average room rate of $154 per night. Investors have a lot of interest in California hotel deals.  Money spent to buy California hotels has reached a record high of $4.4 billion for the first half of this year. The full article could be read here.