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REAL ESTATE INDUSTRY NEWS
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Courtyard by Marriott in Anaheim sells for $25 million

Chesapeake Lodging Trust purchased the property from Tarsadia Hotels.

BY Blake BakkilaPublished: August 18, 2010 12:58 PM

Maryland-based Chesapeake Lodging Trust has purchased the Courtyard by Marriott Anaheim Hotel at Disneyland for $25 million.

The seller, Newport Beach-based Tarsadia Hotels, will continue to manage the 153-room, four-story property, according to a statement from Grubb & Ellis Co., which facilitated the sale.

The hotel, which opened in 2006, sits on a 2.3-acre site next to the Anaheim Convention Center and across from the Disneyland Resort. The destination includes a Ruth's Chris Steak House, fitness center, and indoor and outdoor pools.

“This hotel is excellently located near many attractions," said Jordan Richman, senior vice president of Grubb & Ellis and a member of the company's Hotels, Golf & Leisure division. “It’s located in an area with high barriers to entry and is an outstanding acquisition for the Chesapeake REIT."

Richman, in conjunction with Felix Cacciato of Hotel Equity Advisers, represented both parties in the transaction.

The deal is part of a two-property portfolio that included the $46 million sale of the Hilton Checkers Hotel in L.A. in June.

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