The Pacific Edge Hotel, located at 647 Pacific Coast Highway in Laguna Beach, is a 125-room beachfront property that recently sold for $80 million. The hotel spans a total of 44,700 square feet and boasts a price per square foot of $1,790. The buyer for this asset is Dune Drifter, a new hospitality firm associated with the Marriott family, and the sale marks a significant transaction with a price per key of $640,000.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $80,000,000
• Buyer: Cramer Williams & Chris Harrison - Dune Drifter
• Seller: Highgate Hotels & Morgan Stanley
• Broker: Patrick Deming - Eastdil Secured
• Keys: 125
• Square Feet: 44,700
• Price per Square Foot: $1,790
• Price per Key: $640,000

Dune Drifter plans to undertake a significant renovation of the Pacific Edge Hotel, which may involve adding 25 rooms and upgrading amenities. The anticipated costs of these enhancements could exceed $125 million.