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Article: Tarsadia Boosting Upscale Hotel Holdings With Sutton Place Buy
- Article from:
- Orange County Business Journal
- Article date:
- August 23, 2004
- Author:
CopyrightCopyright CBJ, L. P. Aug 23-Aug 29, 2004. Provided by ProQuest LLC. (Hide copyright information)
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Sutton Place Hotel in Newport Beach is changing hands for the second time in its 20-year history.
Tarsadia hotels, also of Newport Beach, is in escrow to buy the 435-room Sutton Place near John Wayne Airport from Stanley Ho of Hong Kong for an undisclosed price, sources said.
Ho is best known as the gambling czar of Macau Island off the coast of China. The changeover tentatively is slated for mid-October.
The pending deal would represent another move by Tarsadia hotels into the more upscale sector of the Hotel market. The company also owns the Anaheim Marriott, the Hyatt Regency Orange County in Garden Grove and the Hilton Checkers in downtown Los Angeles.
"It's a good market and a ...